the rennie brief: labour market - April 2020

the rennie brief: labour market - April 2020

THE LABOUR MARKET the rennie brief

WHAT YOU NEED TO KNOW ABOUT THE LATEST JOB NUMBERS • Canada’s self-imposed economic shutdown in response to the spread of COVID-19 has resulted in a significant shock to the country’s economy and labour market. • As a result of shedding more than one million jobs between February and March, Canada’s unemployment rate rose to 7.8%—its highest in a decade. • Metro Vancouver saw its unemployment rate rise to 7.5% as 117,300 jobs were lost, accounting for almost 90% of BC’s total employment decline of 132,400. • All sectors of the economy, including real estate, are being impacted by these changes, which are significant but temporary.

9 APRIL 2020

Canada lost 1.01 million jobs between February and March 2020 due to the coordinated economic shutdown in response to COVID-19. BC and Metro Vancouver also suffered historic job losses last month, with unemployment rates reaching levels not seen in a decade.

BACKGROUND Each month, Statistics Canada collects >Page 1

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