Canada unexpectedly adds 290,000 jobs on gradual reopening
Source: Financial Post
Canada unexpectedly adds 290,000 jobs on gradual reopening
Still, the unemployment rate ticked up to 13.7% in May, a postwar record as people returned to the labour force
Bloomberg News
Shelly Hagan
June 5, 2020
10:07 AM EDT
Canada’s labour market unexpectedly strengthened after two-straight months of record losses as the country gradually reopens from COVID-19 related restrictions.
Employment rose by 289,600 in May, Statistics Canada said Friday in Ottawa, surprising economists who had been anticipating more losses last month. The gains were across most industries and provinces, though largely driven by higher employment in Quebec, the province hardest hit by the pandemic.
The numbers echo recent high-frequency data, which had signalled a recovery is underway, with job postings increasing and more Canadians reporting an increase in work at the end of May. They will be a relief to policy makers who had been scrambling to inject hundreds of billions in cash into the economy to keep it afloat. Still, just under 5 million remain without work or substantially reduced hours with the jobless rate at postwar records.
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Read more: https://business.financialpost.com/news/economy/newsalert-unemployment-rate-hits-new-record-even-as-economy-adds-jobs
That Canada also saw a gain undercuts the political conspiracies more than a little.
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