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Canada's Unemployment Hits 6.9% Amid Economic Turmoil

5/11/2025

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Canada's Unemployment Spike

Canada's unemployment rate has surged to 6.9%, marking the highest level since November, as U.S. tariffs take a toll on the manufacturing sector. The economy shed 31,000 manufacturing jobs and 27,000 in wholesale and retail. With the Bank of Canada signaling possible interest rate cuts, concerns about further economic decline loom large.

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Chamber Advocates Tariff Removal

Economic optimism has taken a hit during the Trump administration, with just 30% of small business owners viewing the economy favorably. A staggering 70% fear an impending recession, fueled by worries over tariffs and rising inflation. The U.S. Chamber of Commerce is calling on the administration to remove tariffs to alleviate the mounting financial pressure on small businesses.

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Canada's Unemployment Spike

Canada's unemployment rate has surged to 6.9%, marking the highest level since November, as U.S. tariffs take a toll on the manufacturing sector. The economy shed 31,000 manufacturing jobs and 27,000 in wholesale and retail. With the Bank of Canada signaling possible interest rate cuts, concerns about further economic decline loom large.

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