Canada Sheds the Most Jobs on Record
The Canadian economy lost 1010.7 thousand jobs in March of 2020, after creating 30.3 thousand in the prior month, surpassing market expectations of a 350 thousand cut. This was the biggest decline in employment on record and larger than in any of the three significant recessions experienced since 1980, attributed to the Covid-19 lockdown. Part-time work slipped by 536.7 thousand and full-time went down by 474 thousand. Employment fell in all provinces, mostly in Ontario (-403 thousand), Quebec (-264 thousand), British Columbia (-132 thousand) and Alberta (-117 thousand). Youth employment fell by 392,500, the fastest rate of decline across the three main age groups. There were fewer people working in industries which involve public-facing activities or limited ability to work from home. This includes accommodation & food services (-2.4 thousand); information, culture & recreation (-0.9 thousand); educational services (-0.3 thousand) and wholesale & retail trade (-2 thousand).
2 hours ago