COVID-impact survey shows signs of recovery, but businesses wary of further hiring
About one-fifth of businesses reported that current revenue and expenditure levels would not be sustainable for the next six months, causing them to consider “further staffing actions, closure or bankruptcy.”Article content continued
Nearly 40 per cent of businesses reported reducing staff hours or shifts due to the pandemic, while slightly more than 28 per cent laid off staff. Of the businesses that laid off at least one employee, more than 60 per cent said they let go at least half their workforce.Article content continued Unlike sectors such as finance and education, which lend themselves to continued work-from-home adjustments, few jobs in resources extraction, retail, manufacturing and agriculture can be done remotely.
“Despite some promising short-term economic indicators, and the Bank of Canada’s steps to accommodate stimulus measures, it’s imperative that the authorities make prudent investments to keep industrial recovery moving in the right direction and look to boost trade efforts as much as possible,” he said.
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