It is an economic indicator for Canada which measures the figure of people employed. The Net Change in Employment is an essential indicator of Canadian consumer spending. A record decline in Canadian employment was seen in April 2020. The economy shed 1.99 million jobs after a 1 million loss in March 2020. The overall total employment decline is over 3 million since the beginning of the coronavirus pandemic.
In addition, 2.5 million people who were in employment but functioned less than half of their usual working hours for the reason of COVID-19. In April, part-time employment drop to -17.1% and full-time employment to -9.7%. The collective losses since the beginning of coronavirus pandemic totalled -29.6% in part-time employment and -12.5% in full-time work.
The readings of Net Change in Employment – Canada higher than expected are taken as positive for the Canadian dollar while lower than expected are taken as unfavourable. The report of Net Change in Employment – Canada is released monthly in the first week of reporting month usually at 7:00 EST by Statistics Canada.