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Bank of Montreal
Symbol BMO
Shares Issued 724,058,756
Close 2025-05-09 C$ 138.72
Market Cap C$ 100,441,430,632
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Globe says BMO's Porter sees U.S. taxes hit employment

2025-05-12 05:56 ET - In the News

The Globe and Mail reports in its Saturday edition that Canada lost more than 30,000 manufacturing jobs last month and Windsor, Ont., saw a jump in its unemployment rate as U.S. tariffs take aim at the automotive sector and feed into economic uncertainty. The Globe's Nojoud Al Mallees writes that Statistics Canada's Labour Force Survey on Friday said employment increased by 7,400 nationally, though that figure was padded by an increase in election-related hiring. The overall unemployment rate rose to 6.9 per cent, up from 6.7 per cent in March. The latest jobs figures illustrate how tariffs are beginning to squeeze the Canadian economy, affecting regions and industries most exposed to trade with the United States. "It doesn't take an archeological dig to realize this is a weak report," Bank of Montreal chief economist Douglas Porter wrote in a client note. "This is the first major data reading for April, and it shows that tariffs are already taking a material bite out of the economy." In Windsor, a major hub for the automotive industry, the unemployment rate jumped by 1.4 percentage points, reaching 10.7 per cent. Stellantis temporarily laid off 3,800 workers after closing its Windsor plant for a week beginning May 5.

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