The Canadian economy lost 68 thousand jobs in May

Statistics Canada data showed today that the Canadian economy lost 68 thousand jobs in May, and the unemployment rate rose to 8.2% in May, and analysts had expected the Canadian economy to lose 20 thousand jobs in May.

This data came after two difficult months for the Canadian economy as it battled a third severe wave of the virus, but June is expected to show a recovery that will move to more robust growth readings in the early second half of the year as additional sectors of the economy reopen.

It is worth noting that long-term unemployment almost stabilized at a record high of 478,000 in May and the Bank of Canada is not expected to make additional cuts in its quantitative easing program with a recovery expected in the second half of the year.