Photo via Bank of Canada – Banque du Canada on Flickr, licensed under CC BY 2.0.
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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