Canadian Unemployment (August)
Canada gains 245,800 jobs, recovering nearly two-thirds of COVID-19 losses
The unemployment rate fell to 10.2%
Author of the article:
Bloomberg News & Shelly HaganPublishing date:
Sep 04, 2020 • Last Updated 3 hours ago • 1 minute read
Canada’s economy added 245,800 jobs in August, a fourth-straight month of gains that has recouped nearly two thirds of employment losses from the pandemic.
The hiring lowered the jobless rate to 10.2 per cent, from 10.9 per cent in July, and brings the number of jobs recovered since the height of the pandemic to 1.9 million.
Canada lost 3 million jobs in March and April. Economists had forecast a 250,000 increase and an unemployment rate of 10.2 per cent in August.
While the initial quick recovery in Canada’s labour market is welcome, economists predict it will fade, with many of those initially displaced by the pandemic already back at work and the economy as open as it can be for now.
The latest numbers capture the reopening of Toronto, Canada’s biggest city and one of the last to ease restrictions due to high COVID-19 counts. Ontario posted 142,000 new jobs last month.
But without any further lifting of COVID-19 restrictions anytime soon, future job gains are likely to be gradual.
Of the August gains, 205,800 were in full-time and 40,000 part-time.
