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April 13, 2023
On Wednesday, the Organization for Economic Co-operation and Development (OECD) published the latest unemployment rates among countries. The report revealed Canada’s unemployment rate to be amidst the highest.
The report from the OECD shows Canada’s unemployment rate to be 8.2 percent- just behind Sweden, Chile, Italy, Turkey, Columbia, Spain, Greece, and Costa Rica, according to The Post Millennial. The report mentioned that Canada’s Temporary layoffs led to inflated unemployment rates in Canada during the pandemic’s peak in Q2 2020, and a larger decline in the employment rate than the OECD average.
However, the employment rate is likely to recover slightly more quickly, and the unemployment rate fall more rapidly, than the OECD average, and both are projected to return to pre-pandemic levels by early 2023. In May 2021, the unemployment rate stood at 8.2%, up from 5.7% in February 2020.
The Post Millennial further reported that Canada has been the only country, out of the 10 countries studied, to have fully recovered hours worked by March 2021.
ARTICLE: LAURA RAMIREZ
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: BETTER DWELLING