Canada’s unemployment rate reaches record 13.7% – National

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Canada’s unemployment rate reaches record 13.7% - National


Statistics Canada reports a record high unemployment rate as the economy added 289,600 jobs in May, with businesses reopening as authorities eased public health restrictions linked to the novel coronavirus pandemic.

The unemployment rate rose to 13.7 per cent, topping the previous high of 13.1 per cent set in December 1982.

CANADIAN UNEMPLOYMENT

The increase in the unemployment rate came as more people started looking for work. The increase in the number of jobs come after three million jobs were lost over March and April.

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The average economist estimate was for the loss of 500,000 jobs in May and for the unemployment rate to rise to 15.0 per cent, according to financial markets data firm Refinitiv.

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