Unemployment rate in London climbs to almost 6 per cent

09 Avril, 2020, 17:25 | Auteur: Auguste Feret
  • Signage mark the Statistics Canada offiices in Ottawa

Economists warn the numbers will likely to be even worse for April, with millions more Canadians now receiving emergency federal aid.

With the novel coronavirus pandemic spreading worldwide leading to business closures and job losses, Statistics Canada has reported some grim unemployment rates here in B.C.

Figures released Thursday by Statistics Canada show the unemployment rate in the London Census Metropolitan Area, which includes St. Thomas, Strathroy, and other surrounding communities, was 5.8 per cent in March.

But since those heady days, unemployment has skyrocketed as governments ordered all but essential businesses to close and their workers to stay home in an effort to contain the spread of the virus.

The government says that there have been almost a million applications for the Canada Emergency Response Benefit on Monday, the first day people could apply. "This was about as bad as it could be given the weekly (unemployment) claims that have been divulged", said Derek Holt, vice president of capital markets economics at Scotiabank. "If this group were counted as unemployed, the adjusted unemployment rate would be 8.9%".

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"Job numbers will come out tomorrow".

A doubly hard day, it turns out. Based on the modelling, to get there Canada will have to keep a high level of physical distancing measures in place for a while.

The job loss was the largest drop in a single month going all the way back to January 1976, when Statscan adopted the current model for gauging the health of the labor force.

Ontario has projected that 3,000 to 15,000 residents could die from the pandemic, the aftershocks of which could last up to two years.

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