Canada Faces Sharp Job Losses Amid Tariff Impact

Canada's economy saw a net loss of 83,900 jobs in February, with unemployment rising to 6.7%. U.S. tariffs have weighed heavily on the economy, impacting both services and goods sectors. The labor market struggles to add substantial jobs amid ongoing trade tensions and rising energy costs.

Canada's economy took an unexpected hit in February, shedding a net 83,900 jobs and seeing the unemployment rate climb to 6.7%, according to data from Statistics Canada.

The job market's significant decline contrasts with analysts' expectations of a 10,000 job increase, marking a stark deviation from job gains seen last year. The downturn is largely attributed to U.S.-imposed tariffs that have strained the economy.

This economic strain is reflected in both the goods and services sectors, which collectively lost over 84,000 jobs. The impact is further compounded by rising energy costs, intensifying concerns over Canada's financial stability.

(With inputs from agencies.)