OTTAWA (NEWS 1130) – The economy continues to rebound from the depths of the COVID-19 pandemic, with Statistics Canada reporting 245,800 jobs were added in August.
The unemployment rate fell 7-10ths of a point to 10.2 per cent last month, compared with 10.9 per cent in July.
“Combined with gains of 1.2 million in May and June, this brought employment to within 1.1 million of its pre-COVID February level,” the agency says.
Canada's economy added 245,800 jobs in August. The unemployment rate fell 7-10ths of a point to 10.2%. Statistics Canada says "Combined with gains of 1.2 million in May and June, this brought employment to within 1.1 million of its pre-COVID February level." pic.twitter.com/tVY58hbyX7
— Richard Dettman (@rwdettman) September 4, 2020
Financial data firm Refinitiv says the average economist estimate is for a gain of 275,000 jobs in August and an unemployment rate of 10.1 per cent.
Canada’s unemployment rate has slowly been bouncing back after the COVID-19 forced businesses to shut down and people to physically distance themselves from others.
To recap monthly jobs
March down 1.1 million
April down 1.9 million
May up 290,000
June up 953,000
July up 419,000
August up 246,000
(Source: Stats Canada)
— mike eppel (@eppman) September 4, 2020
The economy slowly started to reopen in June.
Richard Dettman will have more in Business at :26 and :56.