Canada’s economic system misplaced 213,000 jobs in January, about 5 instances greater than what economists had been anticipating, as retail lockdowns pressured extra companies to shut their doorways throughout the nation.
Statistics Canada reported Friday that the jobless price ticked up 0.6 share factors to 9.4 per cent. That is the best degree since August. General employment additionally fell to its lowest degree since that month.
January’s drop signifies that total, Canada now has 858,000 fewer jobs than it did in February of final yr, earlier than COVID-19 started. One other 529,000 folks have managed to maintain their job however are working lower than they’d usually due to the pandemic.
The determine for January was about 5 instances what a consensus of economists polled by Bloomberg had been anticipating, which was for a slight lack of simply over 40,000 jobs.
Virtually the entire job losses got here from Ontario and Quebec, which misplaced a mixed 251,000 jobs — largely in retail, lodging and meals providers. That plunge was offset by slight job positive aspects in Alberta, Manitoba, Nova Scotia and Prince Edward Island, whereas the roles quantity held regular in British Columbia, Saskatchewan and New Brunswick.
Leah Nord with the Canadian Chamber of Commerce known as January’s job numbers “unsurprisingly and sadly bleak.”
“We merely can’t afford to be in a holding sample till vaccines arrive. We want new methods to handle the pandemic [because] the financial prices might very nicely injury Canada’s economic system and structurally alter our labour market in methods that will not simply be repaired.”