COVID-19 pandemic is not just a health problem; it is an economic issue as well. Just like all countries across the globe, this novel coronavirus slowed down Canada’s economic growth. However, the lifting of lockdown restrictions has been a stepping stone in the country’s economy recovery process. This is good news for Canada-born workers and permanent residents who have started a new job or probably returned to their previous employer.
Recent statistical report indicated that close to 3 million citizens lost their jobs. Additionally, another staggering 2.5 million had to stay at home due to Covid-19 related reasons—especially with companies cushioning themselves against the pandemic.
Over 290,000 of the Canadian work population has gone back to work during the month of May. The good news is that an impressive 953,000 got new jobs- curtailing the unemployment curve. Additionally, the month of May and June was promising, with 40% of the working population got gainful employment. If you got a job over that period, you are part of the 1.24 million that had a reason to smile.
More employment opportunities have been created, reducing the unemployment rate from 13.7% to 12.3% in a period of two months. Isn’t that a good sign of the economy progressing? Additionally, labor force participation in Canada grew to 63.8% in June. Even with a slight drop from 65.5% in February, everyone in Canada should remain hopeful for better tidings bearing in mind the effects of Coronavirus restrictions.
How about the age composition of the workforce participation?
If you are 15 years or older, you are part of a significant percentile of the population in the Canadian workforce. If the COVID-19 pandemic affected your pursuit of securing a good job for yourself in the past three months or so, there is good news to smile about. Here’s why- the national government through them Canada Emergency Students Benefit (CESB) aids students affected by the restrictions.
