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Economics

Monster Job Losses Force Canada to Confront Scale of Crisis

  • Economy barrels toward recession after 500,000 spike in claims
  • ‘No silver bullet,’ Trudeau says, warning of long road ahead
A security agent at Pearson airport in Toronto on March 16.

A security agent at Pearson airport in Toronto on March 16.

Photographer: Cole Burston/Bloomberg
Updated on

The historic response to Canada’s economic crisis by Justin Trudeau’s government is only just beginning.

A half-million jobless claims filed last week, representing 2.5% of the labor force, is a shocking signal of how deep a rut Canada’s economy is in as entire industries shut down in response to the coronavirus pandemic. The new worry is Covid-19 could spread through remote barracks-like camps that house oil workers, adding another blow to a key sector.