Amelia Flores (Copywriter)
Have you been having trouble finding a new job during the pandemic? If so, you may find solace in these good news: Canada’s job market grew beyond expectations for a second straight month, another sign that the nation’s economy may be on the verge of recovering from the COVID-19 blow.
Statistics Canada reported that 303,100 jobs were added in March. This is three times the number that economists anticipated, especially as it followed a gain of 259,200 jobs in February. The country has to fill 296,000 positions to recover the nearly 3 million jobs lost during the pandemic, fuelling expectations for a strong rebound in 2021 after the economy suffered its biggest fall of the last years.
While some industries like travel should continue to face challenges for a more sustainable period, experts see the potential for an ongoing reopening in the summer, leading to normalizing employment levels before the end of the year.
An essential part of the job recovery came from industries that experienced lockdowns late last year and reopened in February and March. The retail sector benefited most, with employment rising by 95,000 as provinces eased restrictions.
Does this mean the problem is solved? Of course not. A fresh wave of lockdowns in April could be a significant setback, especially for the already damaged retail sector. Uneven recovery is also still a concern, with the most considerable job losses since 2020 being concentrated in a few industries like accommodation and food services. Young women also continue being disproportionately affected by the crisis.
The labour market growth gives us some confidence in the future. But we can’t forget that many Canadians are still struggling with business closures and mounting debt. The economic toll of COVID-19 has yet to be thoroughly assessed.
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