Entrepreneurs and startup businesses are the lifeblood of a dynamic market economy. Indeed, economists recognize a key marker of a thriving economy is a healthy rate of business formation.

Earlier this week, we marked another Labour Day, and Canada’s job market is losing steam.

The slowdown is occurring against the backdrop of unprecedented tariff hikes, persistent geopolitical tensions, and a stagnant Canadian economy. Nationally, employment fell by 40,000 between June and July, with the job losses concentrated in full-time private-sector positions. Total employment in July was scarcely higher than it was in January (measured on a seasonally adjusted basis). Manufacturing and construction are among the industries that have posted sizable job declines so far in 2025.

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