Total employment fell by three million from February to April 2020 as physical distancing measures and economic shutdowns resulted in unprecedented declines in labour market activity. Total hours worked fell by almost 30% over this two-month period.
Canadian merchandise trade in March fell to the lowest level since January 2018 as shutdown activities in the manufacturing sector weighed on exports and imports.
Manufacturing sales in March fell to the lowest level since mid-2016 as sales of auto manufacturers and parts suppliers were both down over 30%. Headline consumer inflation fell below 1% in March for the first time since the spring of 2015, as sharp declines in energy prices resulted in the largest year-over-year deceleration in the all-items index since September 2006.
In April, lower energy prices pushed the headline rate into negative territory for the first time since September 2009.Flash estimates of gross domestic product, published in mid-April, projected a 9% decline in monthly GDP in March and a 2.6% decline for the first quarter of 2020.
Read more: Click here
Comments