February Marked A Rebound In The Economy Of Canada

The entire globe felt the effects of the pandemic. One of the most and hardest hit was the economy of plenty of countries including Canada. However, the governments of the countries did the best that they could to make sure that the economy stays up but their main priority really was the health and welfare of its citizens and all people who are living in the country. But with many businesses closing or putting their operations to a halt because of the quarantine and lockdowns imposed, these businesses were really not helping the economy as much as they would have during normal times.

 

It is good though that the government of Canada did not give up on its economy. Despite focusing on the health of the entire country and placing in the proper protocols to keep the spread of the virus at the bare minimum, it is very interesting to note that recently, Canada’s economy started to get better and rise up from the slump. And recently, just this February, the economy of the country has been able to mark a good rebound after the pandemic hit it hard.

 

The data for February

 

In February of this year, the economy of Canada has been able to bounce back. Its economy was able to regain almost all of the jobs that were lost in the last two months, which is a good sign that the economy is definitely coming back right up. February also marked itself as a month when the rate of unemployment in Canada has become the lowest since the start of the lockdowns, restrictions, and quarantines, which was on March 2020.

 

There was an additional 259,000 individuals who were employed in February alone, which is a good thing as in December and January combined, Canada experienced a slump when there were 266,000 individuals who lost their jobs. This is as per the data from Statistics Canada based from the Labour Force Survey which they do monthly. With these numbers, it shows that Canada is definitely working its way back up again and the economy is going to benefit a lot from this.

 

More numbers

 

The unemployment rate in Canada actually went down to just 8.2% for February 2021. It is lower by 1.2% as compared to January and it is the lowest ever recorded since the lockdown was imposed in the country in March 2020. This number, as compared to that in February 2020, has shown that there were 599,000 fewer individuals who were employed. This shows that the employment rate is definitely becoming better for Canada, which also means that it is going to be good for the economy as well. The country may have suffered like many other countries but it surely is doing the best that it can to go back to the way things were.

 

 

 

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