Two million Canadian jobs lost in April as unemployment rate reaches 13 per cent GlobeBusiness
Canadian employment plunged by nearly two million people and the jobless rate surged to 13 per cent in April as companies were forced to slash payroll in response to restrictive lockdown measures aimed at curbing the spread of the novel coronavirus.
The job losses, while historically bad, were also considerably better than many expected. Several economists estimated that at least four million jobs would be lost in April and the unemployment rate would climb to around 18 per cent.The grim forecasts were partly inspired by soaring numbers of people applying for emergency income aid with the federal government. To date, more than 7.5 million Canadians have applied to the Canada Emergency Response Benefit, which has paid out nearly $29-billion.
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