Canada’s economy leads to nearly 1 million jobs in June
Canada responded to the coronavirus pandemic efficiently from the very beginning, which is why the situation is slowly improving in the country now. The unemployment rate in Canada is continuing to decrease, and 953,000 people found jobs in the month of June.
By lifting the lockdown restrictions on the border and around the country, the process of economic recovery has begun in Canada. A large number of permanent residents and Canadians have finally returned to their workplace under their previous employers, while many people found new jobs.
How has the situation improved?
A total of 3 million people had to lose their jobs between February and April due to the coronavirus-related lockdown. A Statistics Canada report stated that around 2.5 million people could not attend work because of coronavirus-related reasons.
In the month of May, Canada witnessed a slow start to the process of economic recovery since 290,000 people were allowed to return to work. This laid the foundation for the increase in employment by 953,000 people in June. Canada, in the last two months, has seen a recovery of the labor market by a staggering 40%, which means that more than 1.24 million people have gained employment.
The overall unemployment rate in Canada was 13.7% in May, and it dropped to 12.3% in June. The report also says that the labor force participation rate has seen a significant increase in the last two months, even up to 63.8% in June. The labor force participation rate refers to the percentage of the population (aged equal to or more than 15) in the labor force. Before the imposition of the coronavirus-related restrictions, it stood at 65.5% in February.
A large number of people now have renewed hope about their prospect of finding a suitable job. The Canada Emergency Student Benefit (CESB) requirement of actively searching for work could be another factor. Canada introduced the CESB in order to alleviate financial problems faced by students because of the coronavirus-related restrictions.