Good evening,
Statistics Canada released its monthly jobs report today, and it wasn’t good. The agency estimated the unemployment rate in April was 13 per cent, and even higher when you take into account those not even bothering to look for work. For those who do have jobs, millions are working at reduced hours.
One bright spot (if you can call it that) is that many of the workers not putting in hours were laid off temporarily, not permanently. As such, recalling them back to work when lockdowns lift will be easier.
Many employers have been encouraged to keep employees on their payroll because of the federal wage subsidy, which covers 75 per cent of eligible salaries. That program was set to expire June 6, but Prime Minister Justin Trudeau said today the government would extend it since many businesses still can’t operate safely.
One oddity of the jobs report was something outside the numbers: it got leaked. That’s a very rare occurrence for the government agency, and they say they are looking into it. The jobs numbers can move markets, so one concern is that a leak could be motivated by trying to make a quick buck.
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ALSO ON OUR RADAR
Pointing fingers: Long-term care homes have been the sites of most of Canada’s deaths due to COVID-19. The Canadian Labour Congress says a big part of the problem is that they are privately run and, thus, motivated more by making money than providing care. “Reform is critical because otherwise all these people who have died have died for no good reason,” said Hassan Yussuff, head of the labour group.
Missing targets: Quebec is in the midst of a massive reopening effort, even while struggling with the largest virus outbreaks in the country. Key to keeping the public safe as restrictions are lifted is a massive testing program. But the province is behind in its goals: the provincial public health director says only about 10,000 tests can be conducted per day, short of the 14,000 daily measurements the province was hoping for.
And opening doors: New Brunswick’s government says businesses can reopen immediately, as long as they take proper health precautions. Those measures include keeping people two metres apart, frequently disinfecting surfaces and encouraging employees to stay home if they’re sick.
MARKET WATCH
North American stock markets marched higher to end the week Friday after data on historic job losses due to the coronavirus crisis showed they were slightly fewer than feared.
The S&P/TSX Composite Index closed up 132.87 points at 14,966.56.
On Wall Street, the Dow Jones Industrial Average rose 455.43 points, or 1.91 per cent, to 24,331.32, the S&P 500 gained 48.61 points, or 1.69 per cent, to 2,929.8 and the Nasdaq Composite added 141.66 points, or 1.58 per cent, to 9,121.32.
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TALKING POINTS
Doctors’ disorders: After COVID-19, physicians will have to face a crisis of another sort
“Because the culture that surrounds medicine creates and perpetuates the conditions for mental illness and struggling behind a brave face, exacerbated by real fears around medical licensing and confidentiality. And this is particularly bad news when it comes to considering the damage that will be done by the COVID-19 crisis.” – Dr. Jillian Horton
The Silicon Valley innovation playbook needs to change
“While this time is challenging for all small businesses, camels will be the ones with the best chance of surviving the lean times that are ahead for most companies across the world. In Canada, startups are well positioned to navigate this next phase, precisely because they have had to fight for attention and funding against startups from more central global hubs.” – Alexandre Lazarow, venture capitalist
Nature hasn’t come to a halt, and nor should our charitable giving
“These days, folks my age are getting scolded by younger family members. ‘You went into a store?’ they exclaim in horror. How shameful to have an elderly parent succumb to COVID-19 due to unchecked reckless behaviour. Confession: I’ve done worse than shopping.” – Margaret Atwood, author
LIVING BETTER
It’s Mother’s Day this weekend. If you’re a mom, The Globe has 15 suggestions of books to read, which are sorted by where you are on the motherhood journey. If you’ve got a little one at home, here are eight more books you can read with them. And if you aren’t a mom, but you have one self-isolating somewhere else right now, why not give her a call, eh? She’d probably appreciate it.
TODAY’S LONG READ
At critical junctures around the world, thousands of demonstrators at a time have flooded streets to protest authoritarian governments. Regimes have been changed or challenged from Venezuela to Egypt to Hong Kong.
But with the novel coronavirus still raging strong, how do you protest and practice physical distancing at the same time?
In Israel, the answer is: draw chalk squares, two metres apart, or create a procession of honking cars.
Foreign correspondent Mark MacKinnon takes you on a world tour of dissent in the age of COVID-19.
Evening Update is written by Chris Hannay, with an assist by Jordan Chittley. If you’d like to receive this newsletter by e-mail every weekday evening, go here to sign up. If you have any feedback, send us a note.