Economic Indicators

Canada Adds 419,000 Jobs, Recouping 55% of Losses in Pandemic

imageStock Markets3 hours ago (Aug 07, 2020 09:00AM ET)

(C) Reuters. Canada Adds 419,000 Jobs, Recouping 55% of Losses in Pandemic

(Bloomberg) — Canada’s economy added 418,500 jobs in July, the third straight month of gains that in total have recouped more than half of losses from the pandemic.

Last month’s hiring, which added to the 1.2 million in May and June, lowered the nation’s unemployment rate to 10.9%, from 12.3% previously. Economists predicted a July increase of 380,000 jobs and an unemployment rate of 11%, according to the median forecast in a Bloomberg survey.

Hourly wages climbed 5.7% in July from a year earlier. Hours worked rose 5.3% from June.

A strong third month was largely expected as provinces, particularly Ontario, moved to more aggressively reopen their economies, prompting businesses to rehire workers. Economists, however, have warned it could still take years before the labor market returns to pre-pandemic levels.

July’s gains were mostly part-time, with 343,500 added in July, versus 73,200 full time positions.

Canada lost 3 million jobs in March and April at the height of the pandemic.

Canada Adds 419,000 Jobs, Recouping 55% of Losses in Pandemic

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