Canadian Economy Loses 213,000 Jobs, Unemployment Rate Surges

Draconian restrictions imposed by politicians – particularly in Ontario and Quebec – have resulted in the reversal of Canada’s already-shaky economic recovery.

Canada’s economy lost a stunning 212,800 jobs in January, far exceeding economists estimates of a 40,000 job loss.

The unemployment rate surged from 9.4%, from 8.8%.

The horrendous news comes as politicians – particularly in Ontario and Quebec – have imposed even more draconian restrictions, including curfews.

In fact, outside of Ontario and Quebec, employment went up, showing that these immense job losses are a direct result of government interference.

Compared to February of 2020, Canada’s unemployment rate is 4.5 percentage points higher.

By contrast, the US unemployment rate fell to 6.3%, while their economy created 49,000 jobs.

Canada vaccine rollout concerns

This devastating jobs reports comes amid Canada’s increasingly disastrous rollout, pushing Canada further and further behind most of our peer nations.

As a result, other countries could begin exiting the pandemic and returning to economic growth, while Canada remains mired in crisis and increasing debt for longer.

Spencer Fernando