OTTAWA — Statistics Canada is set this morning to give a snapshot of the job market as it was last month as pandemic-related restrictions eased and reopenings widened.
Economists expect the report will show a bump in employment as a result, further recouping some of the approximately three million jobs lost over March and April.
Financial data firm Refinitiv says the average economist estimate for June is for employment to increase by 700,000 jobs and the unemployment rate to fall to 12.0 per cent.
The unemployment rate in May was a record-high 13.7 per cent, a far turn from the record low of 5.5 per cent recorded in January.
The Bank of Canada and federal government say the worst of the economic pain from the pandemic is behind the country, but Canada will face high unemployment and low growth until 2021.
The economic outlook released by the Liberal government Wednesday forecasted the unemployment rate to be 9.8 per cent for the calendar year, dropping to 7.8 per cent next year based on forecasts by 13 private sector economists.
This report by The Canadian Press was first published July 10, 2020.
The Canadian Press