Employment reports in Canada and the United States they were worse than expected. According to analysts from National Bank In Canada, the recovery of the Canadian labor market was temporarily halted and strong economic growth will support hiring in the coming quarters.
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“With a third wave of new COVID cases, Canada also witnessed a third wave of weakness in the labor market with a significant drop in employment in April. That said, most of these losses (-184,000) can be attributed to the industries that have been the hardest hit by public health measures since the start of the pandemic. “
“While significant restrictions are still in place in May (a rebound as soon as LFS is off the cards next month), we expect a gradual easing in the coming weeks with the advancement of vaccination, which means that employment could rebound strongly during the summer. “
“We continue to believe that the recent soft streak in the Canadian labor market should prove temporary, as strong economic growth in the coming quarters will continue to support hiring. Remember that the latest Bank of Canada Business Outlook Survey shows hiring intentions to be the most favorable in nearly three years. “
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