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Good sign! Canada added 94,000 jobs in July, pushing jobless rate down to 7.5%

courtesy of CBC News CoronaVirus Brief

 Canada’s economy added 94,000 jobs in July, far fewer than the 165,000 forecast by some economists, but enough to push the jobless rate down to 7.5 per cent.  

Statistics Canada reported Friday that almost all of the new jobs came in Ontario, which added 72,000 jobs. Manitoba, Nova Scotia and Prince Edward Island also added jobs, while everywhere else, job levels were either down or unchanged. Almost all of the new jobs came in the private sector and most were full-time, too.

While below expectations, Bank of Montreal economist Doug Porter noted that the job market seems to at least be headed in the right direction. In the spirit of the Olympics, Porter deemed the report a “solid silver medal,” with the expectation gains will be made now that most of the country’s provinces are beyond the initial steps of their reopening plans.

July’s numbers mean Canada’s economy still has 246,000 fewer jobs than it did in February 2020, before the pandemic started. In contrast, the U.S. — where forecasters otherwise hailed their jobs report on Friday — is still six million jobs shy of pre-pandemic levels, with the delta variant potentially hindering the late-summer prospects of several states.

Leah Nord with Canada’s Chamber of Commerce says July’s job numbers show just how long and slow the economic recovery from COVID-19 will be. Job vacancies are going unfilled in many parts of the economy, which is highly unusual, she notes, and a sign that the pandemic may have fundamentally changed the job market.

Another complicating factor in North America? How and when to end wage and business subsidies at a time when society and business activity isn’t completely back to pre-pandemic levels.Read the full story
Canada added 94,000 jobs in July, pushing jobless rate down to 7.5% Canada’s economy added 94,000 jobs in July, far fewer than the 165,000 forecast by some economists, but enough to push the jobless rate down to 7.5 per cent.  

Statistics Canada reported Friday that almost all of the new jobs came in Ontario, which added 72,000 jobs. Manitoba, Nova Scotia and Prince Edward Island also added jobs, while everywhere else, job levels were either down or unchanged. Almost all of the new jobs came in the private sector and most were full-time, too.

While below expectations, Bank of Montreal economist Doug Porter noted that the job market seems to at least be headed in the right direction. In the spirit of the Olympics, Porter deemed the report a “solid silver medal,” with the expectation gains will be made now that most of the country’s provinces are beyond the initial steps of their reopening plans.

July’s numbers mean Canada’s economy still has 246,000 fewer jobs than it did in February 2020, before the pandemic started. In contrast, the U.S. — where forecasters otherwise hailed their jobs report on Friday — is still six million jobs shy of pre-pandemic levels, with the delta variant potentially hindering the late-summer prospects of several states.

Leah Nord with Canada’s Chamber of Commerce says July’s job numbers show just how long and slow the economic recovery from COVID-19 will be. Job vacancies are going unfilled in many parts of the economy, which is highly unusual, she notes, and a sign that the pandemic may have fundamentally changed the job market.

Another complicating factor in North America? How and when to end wage and business subsidies at a time when society and business activity isn’t completely back to pre-pandemic levels.Read the full story
 World roundup: Japanese PM dismisses Olympics as factor in case rise, Italy debuts pass system As of early Friday morning, more than 200.9 million cases of COVID-19 had been reported around the world, according to the coronavirus tracker maintained by U.S.-based Johns Hopkins University. The reported global death toll stood at more than 4.2 million.  

Cases in Japan remained high on Friday but the prime minister said he didn’t think Tokyo hosting the Olympics contributed to rising infections.

In Europe, visitors to Italy’s museums and theatres must show proof they’ve either had a COVID-19 vaccine, recovered from the coronavirus or recently tested negative. A certification rule took effect countrywide on Friday. It also applies to gyms, inside restaurants, indoor swimming pools and crowded outdoor events such as concerts.

In North America, United Airlines became the latest company and the first U.S. airline to require employees to be fully vaccinated. The airline estimates that up to 90 per cent of its pilots and close to 80 per cent of its flight attendants are already vaccinated. An airline spokesperson said there are no plans to require that passengers be vaccinated, calling that a government decision. Passengers of all airlines, per the Centers for Disease Control, are required to mask.

The CDC released findings from a study of Kentucky residents with a lab-confirmed coronavirus infection in 2020, the vast majority of them between October and December. They compared 246 people who got reinfected in May or June of this year with 492 similar survivors who stayed healthy. The survivors who never got vaccinated had a significantly higher risk of reinfection than those who were fully vaccinated, even though most had their first bout of COVID-19 just six to nine months ago.

In South America, the virus continues to exact a devastating toll in Brazil. The country reported 1,099 deaths from COVID-19 on Thursday and over 40,000 new cases, with a pandemic-long death toll now at over 560,000 people.
Patricia Dent
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