Photo: Nathan Denette, The canadian Press
In Canada, youth aged 15 to 24 years old face an unemployment rate of 27%.
The pandemic of sars coronavirus has increased, in two months, the unemployment rate in Quebec to its lowest level in recent memory (4,5 %), to its highest level, at 17 %.
In the middle of last month, the quebec economy had lost 821 000 jobs, compared with 4.4 million that she was still in February, erasing almost one in five jobs, reported Friday by Statistics Canada. With an unemployment rate that soared to a historically low 4.5% in February to 8.1% in march and 17 % in April in Québec, the pandemic and the measures of containment and social distancing of governments smashing the previous record of 15.8 per cent recorded in October, 1982, at least as far as comparable data are available, that is to say, 1976.
But this is not all. If one adds the number of unemployed people who were theoretically in employment during the week of April 12-18, during which the survey was conducted, but who have worked less than half of their usual hours (174 000), or not worked at all (685 000) for reasons related to the COVID-19, one arrives at a total of almost 1.5 million québec workers affected by the pandemic, said Statistics Canada in the Duty, or more than a third (34,5 %) of the québec workforce.
The other canadian provinces fared a little better at the same time, because of, for example, unemployment rates of 11.3% in Ontario, 11.5% in British Columbia and 13.4 % in Alberta.
Overall, Canada was made in April, one to three million the total jobs lost since February, pushing up its unemployment rate of 5.6 %, this month, to 7.8 % in march, and 13 % in April, just below the record high of 13.1 per cent recorded in December 1982. But at that time, it had been necessary, not only 2, but 16 months to reach this summit.
Young people aged 15 to 24 years out sadly of the lot with an unemployment rate of 27 %.
When one adds the people who were still in employment, but who have worked less than half of their usual hours because of the pandemic, the number of workers involved amounted to $ 5.5 million. In summary, ” more than a third of the potential workforce was in a situation of under-employment in April, up from 11 % two months ago.
Not all equal
First hit by the effect of the pandemic, the food and accommodation have seen their total number of hours worked blend of 64 % in two months, compared to 31% in the shops. First relatively unaffected, the sectors of construction (-21 %) and manufacturing (-17 %) ended up being affected in turn, as the rules of containment governments have put in place.
Since February, job losses were more pronounced in smaller companies with fewer than 20 employees (-31 %) than in the largest 100 or more employees (13 %).
The most vulnerable workers continue to bear a disproportionate share of the burden of the crisis. While the job losses are a little less than 18 % in average for all paid employees, they amounted, for example, to 23 % for recent immigrants, 30% for temporary employees and 38% for those who earned less than $ 16 an hour.
Wanting to learn more about these time extraordinary, Statistics Canada has added several questions to its survey. This allows us to learn that of the 12 million Canadians who had a job in mid-April and who have worked at least half of their usual hours, more than one-quarter (3.3 million) have actually, for the first time, from their home.
Not really surprised by the extent of the damage, the chief economist of the Mouvement Desjardins, Joëlle Noreau, pointed out that the restart of the economy had already begun just a few days after the coup probe Statistics Canada. But ” if the rise in the unemployment rate has been spectacular, its decrease will follow a walking less rushed “, she warned.
Ready for the recovery
The quebec minister of Finance, Eric Girard, was not surprised Friday to see Quebec more hard hit than other provinces. “We have confined earlier and stronger than the other, he said in a telephone interview with the Duty. But it is important to remember that this is a temporary phenomenon. It has already started to relax the rules in certain sectors. “
It is, however, expected that the return to normal occurs more slowly in the most affected areas and that all companies fail to pass through. The unemployment rate in Québec could, thus, be returned to approximately 8 % by the end of the year, he thinks.
A first budget statement is expected next month, but it wasn’t until the fall that we will have a clearer picture of the situation and that we will be able to announce tax measures and infrastructure programs for economic recovery.
Everything will start quickly, then, ” says he. “We’re ready to go. We already know what we want to do. “
Quebec will be able to recover from the crisis, think Moody’s
Even if the pandemic COVID-19 is re-Quebec with the deficits, this should not undermine its credit rating, at least in the short term, considers one of the major rating agencies. In a note published on Friday, Moody’s has not touched the note of the province, and which is of Aa2 (stable) —, stressing that the diversification of its economy, as well as tools such as the generations Fund should allow the province to recover from the crisis. In contrast, a loss of “fiscal discipline” that would lead to significant deficits in successive could result in a downgrade, warned the agency. The quebec minister of Finance, Eric Girard, has already suggested that there would be a shortfall that can oscillate between 12 billion and 15 billion at the end of the financial year 2020-2021.
The canadian Press
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