Economics
Forecasts for Scale of Canadian Job Carnage Are All Over the Map
- Predictions for March losses range from 100,000 to 1.1 million
- Lack of clarity surrounds effectiveness of government programs
Cooled hockey puck blanks are placed into a mold at a plant in St-Jerome, Quebec, Canada.
Photographer: Christinne Muschi/Bloomberg
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Economists agree Canada’s labor market suffered major damage in March, but the range of forecasts varies wildly.
Royal Bank of Canada sees 1 million lost jobs last month and Citigroup Inc. predicts 1.1 million after the coronavirus forced companies nationwide to cut staff. At the other end of the spectrum, 4CAST projects a net loss of 100,000, and JPMorgan Chase & Co. puts it at 175,000.