Economics
Canada Loses Record 1 Million Jobs, Signaling More Trouble Ahead
- Jobless rate surges to 7.8% in March, hours worked plunge 15%
- Numbers give a ‘first snapshot’ of deep freeze in labor market
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Canada’s labor market sustained a historic drubbing in March as the nation reels from the widespread devastation of the coronavirus pandemic.
Employment plunged by 1.01 million from the prior month, the largest decline in records dating back to 1976, Statistics Canada said Thursday in Ottawa. The jobless rate surged to 7.8%, up from 5.6% in February.