The Globe and Mail reports in its Tuesday edition that some of Canada's largest companies have been slashing thousands of positions this year to rein in costs, a situation that could snowball into a bigger labour trend as employers cope with higher interest rates and a slowing economy. The Globe's Matt Lundy writes that in recent weeks, the likes of Bank of Montreal, Rogers and BCE have announced layoffs for varying reasons. Shopify has made sweeping cuts on two occasions over the past year. In March, U.S. retailer Nordstrom said it was shutting all Canadian locations, affecting 2,500 jobs. So far, these high-profile cutbacks are not adding up to much of a trend. Layoff rates in Canada are lower now than before the pandemic, which is also the case in the United States. Labour conditions remain tight: At 5.2 per cent, Canada's unemployment rate is not far above a record low set last year. Still, the job market is shifting away from a period of exuberance. After eight consecutive months of job gains, the economy shed around 17,000 net positions in May. Job vacancies are also tumbling from record heights. Moreover, the Bank of Canada is trying to cool the labour market as part of its inflation-fighting campaign.