Canada’s Jobless Rate Is Now Twice As High As Europe’s. Here’s Why.

Article Link: https://www.huffingtonpost.ca/entry/unemployment-canada-cews-europe_ca_5eda5a5fc5b635d8a725685a

Discussion posted by: David McNamara

MONTREAL ― Since the COVID-19 lockdowns began in March, some 5.5 million Canadians have lost their job or seen hours cut at work. It’s similar south of the border, where an estimated 40 million people had lost work in the crisis as of late May. Canada’s official unemployment rate has more than doubled, to 13.7 per cent from around 5.5 per cent at the start of the year. In the U.S, the jobless rate quadrupled to 14.7 per cent in April, from 3.4 per cent before the crisis. It is a stunning toll, one that Canadians and Americans will inevitably feel for years to come, and it’s worse than the unemployment situation in almost all other developed countries.