Canada’s Job Market Is Weakening… What the April Unemployment Report Means for You

Job searching in Canada is tough right now, and a recession might be brewing.

More people are job hunting and struggling.

Friday’s job report explained why. And it's not looking good.

Unemployment just hit its highest level in 8 years (not counting the pandemic). That means your job might not be as safe as you think.

Here’s a simple breakdown of what’s going on:

1. Canada’s unemployment rate is rising:

April’s rate jumped to 6.9%, up from 6.7% in March.

Nearly 1.6 million Canadians are out of work, and Toronto is being hit the hardest.

2. Toronto’s unemployment rate = 9.6%

And other provinces aren’t doing great either.

3. Layoffs + Tariffs = Bad Combo

- 61% of people unemployed in March were still unemployed in April… that’s worse than last year.

- U.S. tariffs (especially under Trump) are hurting Canadian exports.

- Manufacturing lost 31,000 jobs

- Retail & wholesale trade lost 27,000

4. Weak job growth & fewer people working:

- April only added 7,400 jobs, and most were temporary federal election roles.

- The employment rate dropped to 60.8%

(a 6-month low)

- Why? Population growth is outpacing job creation

5. What’s next?

A rate cut is likely in June

The Bank of Canada has already warned us:

- Lower interest rates

- Higher prices

- Slower exports

- More layoffs

A 0.25% rate cut is now looking very likely.

Canada’s job market is soft, Toronto is struggling, and a rate cut is looming. If you’re job hunting, freelancing, or paying off debt, this affects you.

Now’s the time to recession-proof your income, upgrade your skills, and have a financial plan.

Want more simple Canadian finance updates like this? I’m a Finance Coach on a mission to make financial literacy accessible to all Canadians.

Sign up for my FREE newsletter for updates on the Canadian economy here: financefemster.com/wealth