Canada Records 13% Unemployment Rate Amid Coronavirus Scare

The world economy is currently facing harsh conditions because of the adverse effect of the Novel Coronavirus.

Maintaining some jobs is increasingly becoming difficult if not impossible.

Canada shed three million jobs in the last two months due to the Coronavirus lockdown, causing the unemployment rate in the country to escalate to 13% in April, the government has reported.

That rate has become more than doubled because of the relatively small increase that the previous month recorded when restrictions were put in place.

According to financial experts, the new rate is second only to the 13.1% observed during a recession in 1982, but lower than analysts had forecast.

Statistics Canada said the figure would have been much higher had it included a large number of residents who wanted to have a job but could not job-hunt due to slow pace of business operations and closing down of some.

The agency further made it known that many also worked fewer hours than their previous efforts.

This is a sad development.