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Ontario's Unemployment to Hit 8% Amid Economic Slowdown

9/18/2025

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Summary

Story summary

Ontario's unemployment rate may rise to 7.8% this year and 8% next year due to U.S. tariffs, as reported by the Financial Accountability Office (FAO).
Real GDP growth is expected to slow to 0.9% in 2025 and 1.0% in 2026.
The budget deficit is projected to increase from $1.3 billion in 2024-2025 to $12 billion in 2025-2026.
Net debt could rise from $408 billion in 2023-24 to $549.3 billion by 2029-30.
Employment growth is anticipated to slow to 0.9% this year, with job losses mainly in manufacturing.

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Story summary

Ontario's unemployment rate may rise to 7.8% this year and 8% next year due to U.S. tariffs, as reported by the Financial Accountability Office (FAO).
Real GDP growth is expected to slow to 0.9% in 2025 and 1.0% in 2026.
The budget deficit is projected to increase from $1.3 billion in 2024-2025 to $12 billion in 2025-2026.
Net debt could rise from $408 billion in 2023-24 to $549.3 billion by 2029-30.
Employment growth is anticipated to slow to 0.9% this year, with job losses mainly in manufacturing.