After two months of losses, Canada added 290,000 jobs to the economy, according to a new report from Statistics Canada. The increase in job creation is a welcome change from the losses experienced in March and April that were forecasted to continue throughout the spring.
Combined with the increase in jobs created, and the number of employees returning to full-time working hours, Statistics Canada said that the country has regained 10.6% of the COVID-19-related losses from earlier in the year.
The relaxation of COVID-19 restrictions enacted by federal and provincial governments is likely the reason the Canadian economy appears to be bouncing back. The province of Quebec saw the greatest gains with 231,000 jobs created, while Ontario’s rate of job losses is showing signs of decreasing. Atlantic Canada was another bright spot in the report, with all four provinces showing positive job gains. Western Canada also showed increases, with Alberta and British Columbia posting the highest gains. For an interactive map of Canada showing the report, click here.
While the new jobs report is welcome news, considering the forecast was for a net loss of 500,000 jobs, Canada still has work to do in regaining the losses created by the COVID-19 pandemic. Unemployment ticked up to 13.7%, but the forecast was for it to increase to 15%.
Immigration is a known job creator. While it is unlikely that Canada will meet its 2020 immigration target of 340,000 new permanent residents, it’s a hopeful sign that the government will continue to push to meet those targets to help strengthen and speed up the economic recovery.
Lauren Boorman
Adam Pinsky
