The slow climb back continues for the Canadian economy
Posted September 4, 2020 6:12 am.
After seeing a historic drop of some 3 million jobs over March and April at the height of the COVID-19 pandemic, the economy has since recovered just over half of what was lost.
Expectations are for a gain again in August, but at a slower pace than previous months.
Financial data firm ‘Refinitiv’ says the average economist estimate is for a gain of 275,000 jobs in August and an unemployment rate of 10.1 per cent.
Canada’s Labour market gained 418,500 jobs in July, a slowing from the 953,000 jobs gained in June.
The unemployment rate dropped to 10.9% as part of a continuing slide down from the record-high 13.7% in May.
Economists have noted faster gains in part-time versus full-time work, and an increasing share of part-time workers who prefer full-time work compared with July 2019.
