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The COVID-19 pandemic had a deep impact on the Canadian economy, leading it into a recession. The government's social distancing rules had the effect of limiting economic activity in the country. Companies started mass layoffs of workers, and Canada's unemployment rate was 13.5 percent in May 2020, the highest it has been since 1976. [1]
The IMF estimates that without Canada’s COVID-19 economic response, “real output would have declined by an additional 7.8 percentage points in 2020 and the unemployment rate would have been 3.2 percentage points higher.” [13]
In a June 7, 2008 article in The Globe and Mail, Heather Scoffield wrote that for the first time since 1982, Canada's unemployment rate was lower than that of the United States. Scoffield said that this indicated that the economic recession was "less painful in Canada" where the May unemployment rate was 6.1% while the US rate was 5.5%. [37]
Canada's economy grew at an annualized rate of 1% in the third quarter, undershooting the Bank of Canada's forecast of 1.5%, after growing 2.2% in the prior quarter.
The 0.2 per cent increase was in line with estimates. Early estimates point to stronger growth in February.
The employment market situation is also a big blow. According to the National Statistical Office, the number of employed people decreased by more than 350,000 in June from a year earlier due to the shock of the job market caused by the spread of COVID-19. The unemployment rate soared to the highest since 1999 when the statistics began to be ...
The list of Canadian provinces by unemployment rate are statistics that directly refer to the nation's seasonally adjusted unemployment rate. Below is a comparison of the seasonally adjusted unemployment rates by province/territory, sortable by name or unemployment rate. Data provided by Statistics Canada's Labour Force Survey. [1]
Canada, for instance, announced billions of new duties in 2018 against the U.S. in a response to new taxes on Canadian steel and aluminum. Canada is the top export destination for 36 U.S. states.