Unprecedented 500,000 jobless claims send Canada’s labour market into freefall [Financial Post (Toronto, Ontario, Canada)]
Toronto Dominion Bank (The) (TD)
Last toronto dominion bank (the) earnings: 2/27 06:30 am
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Source: Financial Post
Unprecedented 500,000 jobless claims send Canada's labour market into freefall 2.5 per cent of the labour force applied for EI this week, suggesting we're already in a deep recession Prime Minister Justin Trudeau said half a million Canadians, or about 2.5 per cent of the labour force, have applied for jobless claims this week, smashing previous records and suggesting the nation is already in a deep recession. Speaking outside his residence in Ottawa, Trudeau said Service Canada has received more than 500,000 applications this week, 20 times the number recorded in the same week a year ago. The Minister of Families, Children and Social Development’s office confirmed Trudeau was referring to applications for unemployment insurance. The speed of the meltdown in the labour market has no precedent. The largest number of jobless claims for a whole month was 499,200 in 1957, according to Statistics Canada data. “This is of course an unprecedented situation and it is putting a lot of pressure
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