Canada’s labour market unexpectedly strengthened after two-straight months of record losses as the country gradually reopens from COVID-19 related restrictions.
The country added 289,600 jobs, Statistics Canada said Friday in Ottawa. Still, the unemployment rate ticked up to 13.7 per cent in May, a postwar record as people returned to the labor force. Economists were anticipating a loss of 500,000 jobs, with the unemployment rate rising to 15 per cent.
The numbers ratify recent data high-frequency data, which had signaled a recovery is underway, with job postings increasing and more Canadians reporting an increase in work at the end of May. The numbers will be a relief to policy makers after the unprecedented loss of about 3 million jobs in March and April.
The better-than-expected report suggests the governments programs to cushion the blow to the labor market are working. By mid-May, 179,000 businesses had applied for the governments 75 per cent wage subsidy program. The pace of applications to Canada’s emergency income benefit program has also decelerated in recent weeks, suggesting the worst of the layoffs and job losses is over.
Canada’s currency extended gains on the result, appreciating 0.6 per cent to $1.3423 against its U.S. counterpart at 8:47 a.m. Toronto time. Yields on two-year government bonds rose 3 basis points to 0.36 per cent.
In addition to the employment pick up, Statistics Canada said the number of people who worked less than half their usual hours dropped by 292,000. That means the number of Canadians who have either lost their job or worked substantially fewer hours has fallen to just under 5 million, from about 5.5 million in April.
https://news.google.com/__i/rss/rd/articles/CBMiYGh0dHBzOi8vd3d3LmJubmJsb29tYmVyZy5jYS9jYW5hZGEtdW5leHBlY3RlZGx5LWFkZHMtMjkwLTAwMC1qb2JzLW9uLWdyYWR1YWwtcmVvcGVuaW5nLTEuMTQ0NjExNNIBAA?oc=5
2020-06-05 12:42:46Z
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