Government data released today shows that 5.97 million Canadians have now applied for emergency unemployment aid.
Canada's labour force before the crisis was 19.2 million workers. A drop of 6 million puts effective unemployment over 35% already.
This number comes despite a 75% wage subsidy to businesses retaining workers announced in March.
The damage done to the economy over a not particularly virulent virus is inconceivable. The market as a whole and the electorate have little concept currently of the level of destruction. These levels are 50% higher than unemployment during the Great Depression.
What is worth noting is the unemployment numbers in the US have not caught up yet to the Canadian one due to the reporting methods of the different US states. These numbers will not be apparent for some weeks so the stock market will likely have a delayed reaction to the reality of the situation.
This level of unemployment is not a receipe for civility in society.
Canada's labour force before the crisis was 19.2 million workers. A drop of 6 million puts effective unemployment over 35% already.
This number comes despite a 75% wage subsidy to businesses retaining workers announced in March.
The damage done to the economy over a not particularly virulent virus is inconceivable. The market as a whole and the electorate have little concept currently of the level of destruction. These levels are 50% higher than unemployment during the Great Depression.
What is worth noting is the unemployment numbers in the US have not caught up yet to the Canadian one due to the reporting methods of the different US states. These numbers will not be apparent for some weeks so the stock market will likely have a delayed reaction to the reality of the situation.
This level of unemployment is not a receipe for civility in society.
Comments
Post a Comment