Source: Kait Bolongaro, bnnbloomberg.com, March 20, 2020
The economy is facing a double whammy with the pandemic and tanking oil prices.
Prime Minister Justin Trudeau said half a million Canadians, or about 2.5 per cent of the labor force, have applied for jobless claims this week, smashing previous records and suggesting the nation is already in a deep recession.
Speaking outside his residence in Ottawa, Trudeau said Service Canada has received more than 500,000 applications this week, 20 times the number recorded in the same week a year ago. The Minister of Families, Children and Social Development’s office confirmed Trudeau was referring to applications for unemployment insurance.
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