Canada posts first monthly decline in Jobs since April
Canada posted its first monthly decline in jobs since April amid tightened public health restrictions in December, and economists warn the losses are likely to continue as the number of new COVID-19 cases continue to rise.
According to the latest data released by Statistics Canada, Canada’s employment level dropped by 0.3%, as 62,600 jobs were lost in. This is the first decline in job levels since April, causing Canada’s unemployment rate to increase by 0.1% to 8.6%. Although the country is in the midst of a vaccine rollout, uncertainty still remains, especially as new strains of the virus continue to be detected. Moreover, a number of provincial governments decided to extend holiday lockdowns in the face of rising Covid-19 cases, thus ultimately inhibiting prospects of a strong recovery continuation in the New Year.
The report was a snapshot of labor market conditions for the week of Dec. 6 to 12. It noted that additional public health measures were put in place in many provinces after that period, which will likely be reflected in its January labor force survey results.