Job market recovery promising but precarious, says Canadian Chamber of Commerce
(OTTAWA) – October 9, 2020 – The Canadian Chamber of Commerce’s Chief Economist, Dr. Trevin Stratton, issued the following statement regarding today’s Labour Force Survey numbers.
“Today’s labour force numbers demonstrate that the summer rebound was not as temporary as the warm weather. While today’s numbers are promising, we should remember that many of these employment gains remain very precarious as parts of the country enter a second wave of the pandemic.
Today’s numbers show growth for some of the hardest hit demographic groups and sectors, as we saw significant employment increases for women and Canadians working in the accommodation, food services and arts sectors. However, these are also the very Canadians who are most at risk of losing their jobs during a second wave in October.
As our fragile economy lurches to and fro on the waves of the pandemic, we are starting to learn what a K-shaped recovery really means. The businesses that rely on physical presence will likely experience a start-stop recovery as we once again attempt to flatten the curve. They will require targeted support, such as commercial rent assistance and continued wage subsidies.
At the same time, governments will need to create an attractive environment for investment and growth for those businesses and sectors at the top of the K that are in a position to drive an historic recovery. Only businesses can create jobs, and they need the tools to do that effectively.
Canadians cannot return to their normal lives or find a new normal until they are gainfully employed. Today’s numbers represent progress towards clawing back those last 720,000 jobs to reach pre-pandemic employment, but we are not out of the woods yet.”
About the Canadian Chamber of Commerce – Because Business Matters
The Canadian Chamber of Commerce helps build the businesses that support our families, our communities and our country. We do this by influencing government policy, by providing essential business services and by connecting businesses to information they can use, to opportunities for growth and to a network of local chambers, businesses, decision-makers and peers from across the country, in every sector of the economy and at all levels of government, as well as internationally. We are unapologetic in our support for business and the vital role it plays in building and sustaining our great nation.
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