Economics
500,000 Jobless Claims Send Canada’s Labor Market Into Freefall
- ‘Unprecedented situation’ as businesses close to fight virus
- Compares to just 27,000 applicants in same week last year
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Prime Minister Justin Trudeau said half a million Canadians, or about 2.5% of the labor force, have applied for jobless claims this week, smashing previous records and suggesting the nation is already in a deep recession.
Speaking outside his residence in Ottawa, Trudeau said Service Canada has received more than 500,000 applications this week, 20 times the number recorded in the same week a year ago. The Minister of Families, Children and Social Development’s office confirmed Trudeau was referring to applications for unemployment insurance.