Canada loses more jobs in May


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.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.

Related Articles

Back to top button