On September 8, Statistics Canada released its monthly Labour Force Survey (LFS) for August 2023. Although the employment figures exceeded the expectations of many economists and commentators, they nevertheless demonstrate a further softening of the labour market. Some are suggesting this buoyancy indicates a “soft landing” rather than the recession anticipated by many. A closer look at the numbers suggests otherwise.
There might not have been a jobs slowdown on par with what the business class expected, but that by no means indicates that things are well and good for workers.
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