The unemployment rate increased despite the huge job gains, but that is due to more people looking for work.
The Canadian economy has added 289,000 jobs, a massive gain after two horrific months of record job losses.
Economists had expected further job losses.
The economy is not yet close to fully recovering, with the unemployment rate rising to 13.7% as more people looked for jobs.
Still, many people are out of work, and some jobs have been lost permanently, with businesses shuttered. Additionally, hours worked per week are down for many, meaning that even a return to employment is not exactly the same.
Ontario was also an outlier, with that province being the only one to lose jobs:
— National Citizens Coalition (@NatCitizens) June 5, 2020
Clearly, there is still a long way to go.
It’s a similar situation in the U.S., where they added 2.5 million jobs, the largest increase of all time. Economists had predicted job losses of 8.3 million.
The U.S. unemployment rate is now 13.3%.
Stocks are surging on the positive economic news, which offers hope that the worst of the CCP Virus economic damage is over, and a new era of recovery can begin.