Lockdowns slam brakes on Canada’s jobs market recovery

The country shed 207,100 jobs last month, Statistics Canada reported Friday from Ottawa, partially erasing large gains over the previous two months.

Despite the setback, analysts expect a quick rebound as early as June once containment measures have been lifted with the economy back on track toward full recovery — as was the case after previous lockdowns.

“Today is a concerning day,” Frances Donald, global chief economist and head of macro strategy at Manulife Investment Management, told BNN Bloomberg television.

Overall, Canada’s labor market has recovered more quickly than in the U.S.

Hours worked — which is closely correlated to output — fell 2.7% in April, the biggest monthly drop since the depths of the recession.

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