According to the latest data from Statistics Canada, the Canadian economy lost a net of 68,300 jobs in September. This follows a loss of 41,700 positions in August and wipes out all job gains for the entire year 2026.

The alarming results come after Canadian Prime Minister Mark Carney has led all provincial premiers in a coordinated effort to confront U.S. President Donald Trump through an “elbow’s up” program of political antagonism and trade conflict.

Based on economic scale, Canada losing 68,000 jobs in a month would be the U.S. equivalent of losing 500,000 jobs.  The “elbow’s up” program may be politically beneficial to Prime Minister Carney, but the economic consequences are crushing the northern neighbors.

The Canadian dollar immediately weakened after the jobs report and was trading down 0.44% at C$1.4287 to the US dollar, or 69.99 US cents. Yields on the two-year government bonds reversed early moves and were trading down 9.5 basis points to 2.410%.

Initially, when the trade war was announced, CTH anticipated a bottom for the CAD at 50¢/USD under the trade reciprocity program.  50¢ remains the forecast target when the termination of the USMCA (CUSMA) is announced, and analysts have the opportunity to gauge the outcome.

Meaning, if the Canadian trade surplus with the USA was eliminated, and if all the non-tariff barriers were removed, and if full trade reciprocity programs were instituted, and if Canada has to stand on its own economic footing with NATO spending requirements, current domestic tax rates and GDP growth factored, $1 CAD will be worth around 50¢ USD.

Remember, the Bank of Canada has already run the numbers on this. ……”A cascading series of events could cause a sharp loss of investor confidence and lead to a spike in demand for liquidity or rapid asset sales”… {MAY ’26}

(CBC) – Canada lost 68,000 jobs in September, according to Statistics Canada, marking a second straight month of losses.  The unemployment rate ticked up by 0.1 percentage points to 6.5 per cent, which is where it stood at the start of 2026.

The figures bucked economists’ predictions for a gain of 9,200 positions in September. It comes after another surprise last month of 42,000 job losses for August, which snapped a hot streak for the labour market.

[…] By sector, educational services, health care and social assistance, and manufacturing led the declines. More workers in “other services,” which includes things like repair and maintenance, offset the losses.

Porter says the drop in education jobs, which was concentrated in Quebec, could be a bit of a blip, but says it could also point to weakness in the sector with fewer international students studying in the country. (MORE)

For CTH readers, allow me to explain what is happening that is not found in the Canadian financial media.

Business investment is essentially at zero; nothing is happening.  Multinational corporations who are spending in Canada are purchasing assets.  Other vulture capitalists and China are looking at exploiting the shrinking Canadian system, which is giving the Canadian govt a false sense of investment security.   However, these institutions are not investing for growth, they are simply purchasing assets – purchasing in advance of what they predict will be massive leverage for how they will exploit the commodity or asset they are purchasing.

Carney is selling Canadian assets, pipelines, raw materials, energy, infrastructure and airports.  He is essentially carving up the economy, selling Canadian assets and trying to organize the economy so that Canadians don’t realize the GDP shrinking around them.  But you will notice that positive economic activity, that is activity that would grow the GDP valuation, is not Canadian owned.

Corporations who operate inside Canada are not replacing retirees and/or ordinary turnover within their organizations.  Corporations are downsizing as the internal economic activity shrinks.  This is directly related to the September jobs data.

Meanwhile, through deportation and cutting off the avenues of illegal alien subsistence in America, Trump is putting pressure on the parasite class of illegal migrants and a portion of those are fleeing to Canada.  Trump is transferring the economic dependency to Carney.

The decline was concentrated in youth aged 15 to 24, who accounted for 48,000 job losses, according to the data agency. But the pool of young workers also shrank in September, leaving the unemployment rate for that group relatively unchanged at 13 per cent.

Core-aged women, between 25 and 54 years old, also held 28,000 fewer positions, and the number of women in that age group looking for work increased. 

Quebec led the job losses by province, with 49,000 jobs lost in the month, while B.C. followed with 20,000 fewer jobs. Alberta, on the other hand, added 23,000 positions. (more)

It will get a lot worse.  Slowly at first, then suddenly (USMCA termination notice) all at once.

That’s at the core of what these remarks are all about.

Mark Carney: "In three weeks, the President of the European Commission, Ursula von der Leyen, and the President of the European Council, António Costa, will be in Montreal. And that is when Canada will launch a new transformative alliance with the European Union." pic.twitter.com/mtGM7YIogk

— Scott Robertson (@sarobertson_) October 8, 2026