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Free AccessMNI DATA REACT: Canada Loses 2M April Jobs, Unemployment 13%
By Greg Quinn
OTTAWA (MNI) - Canada lost a historic 2 million jobs in April and the
unemployment rate surged to 13%, in a nation of 38 million people, reflecting a
full month of health shutdowns because of Covid-19.
The weakness was less severe than the MNI economist survey median of 4
million and a jobless rate of 16.6%. March and April both shattered modern-day
records for job losses, while unemployment is just shy of the peak of 13.1% set
in 1982 and the increase was the biggest on record. The jobless rate would be
17.8% when including people out of work due to the pandemic but don't meet the
official definition of unemployed.
Statistics Canada's report Friday broke out other numbers for a second
month to assess the status of people who have been sent home because of health
rules and may or may not have a job to go back to soon. The pandemic has left
5.5 million people out of work or having substantially reduced hours --
one-quarter of the workforce.
Total hours worked -- linked more closely to GDP -- dropped 14.9% in April
and by 27.7% since February. Canada's GDP may drop as much as 30% in the second
quarter from the end of last year, the central bank says.
Wages rose 10.8% in April from a year ago, but only because of job losses
among low-wage workers, StatsCan said.
--LOSSES MAY BE PERMANENT
While policy makers are hopeful that a sudden and broad shutdown will help
ease the health crisis and make an economic recovery easier, there is also
concern about a wave of bankruptcies and permanent job losses in an economy
already facing pressures unseen outside of world wars or the 1930s. Governments
are only starting now to re-open a handful of enterprises where people can be
kept six feet apart, suggesting little recovery in the next few job reports.
"In April, more than one-third (36.7%) of the potential labor force did not
work or worked less than half of their usual hours, illustrating the continuing
impact of the COVID-19 economic shutdown on the labor market," StatsCan's report
said.
The Bank of Canada has cut rates to around zero and added balance sheet
assets worth about 15% of GDP, and the government is looking at a deficit worth
13% of output this year. The help is needed to keep people afloat while 10% of
mortgage borrowers have sought deferrals and many business owners struggle to
pay rent and other bills.
--MNI Ottawa Bureau; +1 613-314-9647; email: greg.quinn@marketnews.com
[TOPICS: MACDS$,M$C$$$,MT$$$$]
To read the full story
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Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.