Why are many Canadians struggling to find full-time work?

A growing number of Canadians are taking on part-time jobs, mostly because they have no other option. In May, 18.2% of part-time workers found themselves in that position either because they couldn't secure full-time employment or because of tough business conditions, marking an increase of almost three percentage points from last year. As consumers pull back on spending due to rising costs in the economy, many companies have either stopped hiring for full-time roles or have had to cut back on employee hours. Statistics Canada found that the economy lost 36,000 full-time jobs last month and gained 62,000 part-time positions. This has transitioned some workers to part-time status, noted Brendon Bernard, senior economist at Indeed.com. “Many skilled Canadians are now either stuck in lower-paying part-time roles or without a job altogether,” he added, contributing to an unemployment rate of 6.2%, up 0.9 percentage points from last year. But it’s not all doom and gloom: Hiring is expected to bounce back later this year as interest rate cuts are expected to add some fire to the economy, allowing businesses to start hiring again.