Jobless Claims In Canada Hit New Record

Jobless claims in Canada soared last week to nearly one million, representing almost 5% of the national labour force.

According to Statistics Canada, the 929,000 jobless claims made last week include half a million unemployment applications, as well as claims made over the past weekend. The jump in jobless claims represents a new high in Canada. The previous record jobless claims made in a month was 499,200, which occurred in 1957.

The latest claims data highlights the fact that Canadians are staying home, and businesses are closing due to the coronavirus outbreak. Economists have cut growth forecasts, and they now expect second-quarter output to contract by as much as 25% -- the most in more than 50 years.