Canadian Job Growth is Becoming Successful

The Canadian Economy has begun recovering following the 1st wave of COVID-19. This resurgence of careers & jobs throughout Canada isn’t expected to sustain themselves for a prolonged period. That’s because COVID-19 will return during the upcoming flu season in Fall – Winter 2020. However, three back-to-back months have seen the Canadian Economy return to the regular employment rate. This comes after half the lost jobs throughout Canada have been recovered.

It was announced that Employment in July 2020 rose by 418+ Thousand throughout Canada. This means that 1.7 Million jobs in Canada have been recovered in three months, with that figure being more than half of the 3 Million lost between March & April. Canada’s economic rebound is considerably faster than their larger southern brothers of America, with the Federal Government of Canada indicating that 42% of their payroll losses have been returned in May, June, and July. That figure is expected to grow throughout August.

Medical experts in Canada have warned that employment rate will drop starting in late October. This marks the beginning of Canada’s Fall Season, where temperatures begin to cool down & flu-like viruses can thrive. This means COVID-19 will have a substantial resurgence onto the Canadian Economy. Health experts warned of this pattern when the coronavirus initially became an international pandemic in March 2020. It’s been proven in European Nations that are slowly entering their Fall Seasons, including Spain & Portugal.

The Upcoming Economic Fallout

Rate of increased employment over the last three months applied primarily with two provinces, Ontario & British Columbia. These provinces are the two largest in population counts & were aggressive with the reopening of their respective economies. Economists have begun warning that labour, retail, and office markets will struggle to overcome the financial burdens of a COVID-19 2nd Wave.

The full fallout effect of COVID-19 on economic growth for Canada is expected to sustain a five or ten-year period. Hundreds of thousands to millions of Canadians could find themselves unemployed, a similar story for the majority of nations worldwide.

Globally the hope is that scientists will uncover a COVID-19 Vaccine before a 3rd Wave unfolds. Even with the unlikelihood of this timeframe, it’s become known that a coronavirus vaccination won’t maintain 100% Immunity. The best that Health Experts can hope for is 75% Immunity from COVID-19 with their vaccine.