Business

Canada loses more jobs in May


OTTAWA:

Canada lost more jobs than expected in May amid continued lockdowns to curb a harsh third wave of Covid-19, data showed on Friday, but economists were quick to predict a rush of hiring in June as those restrictions ease.

Some 68,000 jobs were lost in May, Statistics Canada said, more than the average analyst forecast for a loss of 20,000. The unemployment rate climbed to 8.2%, in line with expectations. Employment is now 3% below pre-pandemic levels, Statscan said. “I am hopeful that this is the last down-print we have before we release a fury of hiring activity starting in June,” said Derek Holt, Vice President of Capital Market Economics at Scotiabank.

Published in The Express Tribune, June 6th, 2021.

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