In March the coronavirus was officially declared as a pandemic. Ever since then, there has been a major shift in the economic conditions of the world.
Many nations like Canada have eased down the coronavirus restrictions. Due to which one can see an economic recovery in Canada during the pandemic.
As per the statistics of the Labour Force Survey, around 55% of 3 million jobs were lost in April. With nation cutting down some restrictions, Canada regained the 55% lost jobs.
Around 419,000 jobs were added in July 2020 which marks the 2.4% increase from the previous month. The growth was a tad slower than in the month of June.
The survey conducted on payroll and hours stated that there has been a huge turnaround after the economic disruption due to COVID-19. In comparison to the full-time jobs of 73,000 around 345,000 jobs were recovered as part-time jobs.
In addition to that, more women were hired than men in the month of July. But, women, racialized people, LGBTQ25, and immigrants are affected during a pandemic.
The unemployment rate fell to 10.9% but there are 2.2 million unemployed people out there in Canada. There has been a visible change in the minority group of joblessness like South Asian, Black, Arab, and immigrants.
The statistics predict that this steep fall might be due to the hard-hit in industries like food services, retail, and more.
But recently as the restrictions eased down the immigrants saw a change in the rise of employment. Those who attained permanent residency and arrived in Canada in the past five years saw a rise in employment of 2.1%. The rate of employment elevated across the provinces except for New Brunswick.
Every month the Labour Force Survey conducts an extensive survey to gauge the Canadian labour force data. Businesses and workplaces across the nation are reopening. Though the social distancing rules are mandatory to follow, it is a sigh of relief to see the economic recovery in Canada during a pandemic.