Canada loses 68,000 jobs, more than triple the forecast - Financial Post

Unemployment rate climbs to 8.2%

Author of the article:

Reuters

Julie Gordon

Publishing date:

Jun 04, 2021  •  2 hours ago  •  2 minute read  •  88 Comments

Lockdowns imposed to curb a harsh third wave of COVID-19 continue to weigh on the economy, Statistics Canada data showed on Friday. Photo by Peter J Thompson/National Post

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OTTAWA — Canada lost more jobs than expected in May as lockdowns imposed to curb a harsh third wave of COVID-19 continued to weigh on the economy, Statistics Canada data showed on Friday.

Some 68,000 jobs were lost in May, more than the average analyst prediction for a loss of 20,000. The unemployment rate climbed to 8.2 per cent, in line with analyst expectations. Employment is now 3 per cent below pre-pandemic levels, Statscan said.

“The weakness was driven by ongoing restrictions in May,” said Doug Porter, chief economist at BMO Capital Markets. “I would point out that almost all the declines were in part-time jobs, which is one mildly encouraging feature here.”

Full-time employment was down by 13,800, while part-time employment fell by 54,200 positions. Employment in the goods sector fell 41,600, its first decline since April 2020, on a drop in construction and manufacturing jobs. Services sector employment fell by 21,800 jobs.

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Canada loses 68,000 jobs, more than triple the forecast - Financial Post
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