The Financial Post reports in its Saturday, April 10, edition that Canada's jobs market blew past expectations for a second straight month, one more sign the nation's economy is on the cusp of fully recovering from the pandemic.
A Bloomberg dispatch to the Post reports that the economy added 303,100 jobs in March, Statistics Canada reported Friday. That is triple what economists were anticipating, and follows a gain of 259,200 in February. The two-month jump was led by a rebound in a retail sector hit hardest by closures over the winter. The country has now recovered all but 296,000 of the nearly three million jobs lost during the pandemic.
For months, the data have shown an economy gaining strength, surprising even the most optimistic analysts. That resilience is fuelling expectations for a strong rebound in 2021. It also potentially undermines the case for continued stimulus from Ottawa and the Bank of Canada.
Bank of Montreal economist Doug Porter says, "The economy can recover quickly and jobs can recovery quickly when things do open up again."
The upbeat numbers are easing worries about widespread scarring in the labour market, and will reinforce calls for less stimulus.
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