The Globe and Mail reports in its Saturday, June 6, edition that Canada and the United States posted surprise gains in employment for May.
The Globe's Matt Lundy writes that in Canada, the number of employed people rose by 289,600 last month as provinces began to reopen their economies, Statistics Canada said Friday, or better than a loss of 500,000 that economists had expected. The unemployment rate climbed to a record high of 13.7 per cent as more people rejoined the labour market in search of work. With May's increases, Canada has recouped just less than 10 per cent of a combined three million jobs lost in March and April. There are still close to five million Canadians who either lost their jobs or the majority of their work hours because of COVID-19.
Manulife Investment Management economist Frances Donald says: "Just looking at the headline [employment] number doesn't tell you that everything is right with the world, and that the economy is snapping back. This is not a picture of a healthy economy. This is a picture of a lot of underlying suffering and economic challenges ahead." With May's increases, Canada has recouped just less than 10 per cent of a combined three million jobs lost in March and April.
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