Natural resources sector suffers ‘steepest decline ever’ with 43,000 jobs lost: StatsCan

CALGARY – Canada recorded its largest ever drop in natural resources employment in the second quarter, as the COVID-19 pandemic caused commodity prices to plummet and close to 43,000 workers lost their jobs.

In a release Wednesday, Statistics Canada reported that employment in the natural resources sector fell 7.3 per cent, which is “the steepest decline ever recorded” as “low natural resource prices contributed to broad-based job losses.”

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Restaurants, hotels could take more than 8 years to get back to pre-pandemic levels

The pandemic may squeeze revenues of small Canadian businesses for years in a so-called L-shaped recovery unless Ottawa clears federal aid logjams and boosts consumer confidence, an entrepreneur group says.

Restaurants and hotels could take more than eight years to resume pre-pandemic income while building management companies are on pace for a five-year recovery and lawyers and accountants may need two and a half years, according to the Canadian Federation of Independent Businesses.

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