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CANADA ECONOMICS: National Bank Says Canada's January Job Losses Concentrated in Ontario and Quebec

· 02/05/2021 06:49

11:42 AM EST, 02/05/2021 (MT Newswires) -- National Bank of Canada economists Matthieu Arseneau and Camille Baillargeon on Friday said the bulk of Canada's 213,000 jobs lost in Canada last month came because of lockdown measures in Quebec and Ontario.

"The January employment pullback, a second in a row, was much worse than expected by consensus," the pair said in a note. "This reflects the impact of new restrictions put in place to slowdown the pandemic. Ontario lost 154K jobs as restrictions already in place for many regions of southern Ontario-including the closure of non-essential retail businesses-were extended to the rest of the province. Quebec employment declined by 98K, a second drop in a row, with the closure of non-essential stores and a curfew affecting operating hours of businesses. That said, all other provinces except Newfoundland & Labrador experienced gains in January. Back at the national Level, if you exclude all the sectors directly impacted by the lockdowns (trade, accommodation/food services, information/culture/recreation and other services), employment was still trending up in January. Another silver lining of this report was the resilience of full-time jobs which have registered another gain in the month, extending to 9 months the current streak of consecutive gains. As a result, full-time jobs are now just 2.9% below their pre-pandemic level."