After the COVID-19 pandemic, the global unemployment rate rose significantly. Luckily, in many countries, the labor market is on the road to a gradual recovery. Canada is one of those counties that can boast of noticeable improvements in the job market. Last month, the country's unemployment rate fell significantly to 12.3%, compared with the figure of 13.7% registered in May.
Notably, in May, Canada reported a record-high unemployment rate in 44 years. In June 2020, economists forecast a drop in the jobless rate to 12.1%. It means that the current value surpassed analysts' expectations. However, despite an impressive monthly decline, the unemployment rate remains higher than in February (5.6%).
In May 2020, employment to population ratio (i.e. the ratio of the civilian labor force currently employed against the total working-age population of a country) increased to 63.8% from 61.4%. At the same time, the employment rate in Canada is still below the February level (65.5%) recorded before the COVID-19 pandemic.
