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Lockdowns caused 213,000 jobs loss in Canada in January 2021

Canadian economy lost 213,000 jobs in January 2021 due to lockdowns. This number is 5 times more than what economists were expecting and this was due to forced lockdown due to which more business closed their doors during this period.

As per the Statistics report on Friday the jobless rate ticked up 0.6 percentage points to 9.4 per cent. This is highest level after August and overall employment also fell to its lowest level since August.

This drop means that overall; Canada now has 858,000 fewer jobs than it had in February 2020.

However 529,000 people have managed to keep their job but they are working less than what they use to do due to Covid-19 pandemic.

The job loss figure in January was about 5 times more than what the consensuses of economists polled by Bloomberg were expecting and that was just over 40,000 jobs.

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