This quarterly economic forecast presents the medium-term outlook for the Canadian economy. This release focuses on household income and employment. For an overview of all major components of the economy, go to the Canadian Outlook main page.
Pandemic Restrictions Drive Uneven Job Recovery: Canada’s Two-Year Household Income and Employment Outlook—April 2021
Pandemic Restrictions Drive Uneven Job Recovery: Canada’s Two-Year Household Income and Employment Outlook—April 2021
Business and Household Indicators
Canadian Economic Analysis
$225.00
- Employment declined in December 2020 and in January 2021 due to rising restrictions.
- The job losses centred on part-time retail sector workers after stores were closed in Ontario and Quebec.
- Many of the jobs lost were recovered in February 2021 as restrictions were eased.
- However, the risk of further job losses remains in the second quarter of the year as novel variants push up case counts and force governments to tighten restrictions.
- Owing largely to sector-specific restrictions, the recovery of employment to date remains highly uneven.
- Multiple segments of the labour force continue to be disproportionately affected by the labour market disruption.
- Despite the expectation of a strong rebound in the second half of 2021, the scale of the job losses will require a multi-year recovery to bring unemployment close to pre-pandemic levels.
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