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In Canada, Layoffs Reach Great Depression Levels With About 500 Thousand People Applying For Unemployment Insurance In Recent Days
Due to the coronavirus pandemic, companies have been closing their doors and as a result, about 500 thousand people applied for unemployment insurance in Canada in recent days. Such numbers were only seen during the Great Depression in 1932.
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Last year, in the same week, about 27 thousand unemployment insurance applications were received, contrasting with this year’s number.
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Justin Trudeau, the Canadian Prime Minister, said last Friday (20) that the magnitude of the unemployment insurance applications is historic.
“Last week, many government agencies received a record number of calls from concerned Canadians. I know that people are anxious to receive the help they deserve, and our government is working as quickly as possible to support them,” he said at a press conference.
According to Trevor Tombe, an economist at the University of Calgary (Canada), in a post made on Twitter, he stated that the number of insurance requests is the highest in a one-week period and represents 2.6% of all jobs in the country.
He also added, relating it to the Great Depression of 1932, that the losses are similar to the historical episode, but they occurred over a month (July) and not in a week as happened in recent days.
The Prime Minister announced last Wednesday that the Canadian government will inject US$ 56.5 billion (about 3% of the country’s GDP) in response to the coronavirus crisis. The country’s authorities stated that they are in a strong fiscal position and will continue to inject money to stabilize the situation.
Air Canada, the country’s main airline, announced temporary layoffs of more than 5 thousand employees. Automakers (GM, Ford, Fiat Chrysler, Toyota, and Honda) have suspended their production at least until the end of the month. Another category like Cirque du Soleil has temporarily laid off 4,679 people due to show cancellations.
The number of coronavirus cases in Canada has already exceeded about 3 thousand people, with 36 deaths and 185 recoveries.
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