Canada's Fiscal Backstop as Coronavirus Runs Its Course
The Coronavirus Disease (COVID-19) is having a deep and widespread impact on the Canadian economy. To give a sense of the speed and magnitude of the shock, new Employment Insurance claims for the week of March 16-22 jumped to 929,000, more than 20 times the claims in a typical week and equal to nearly 5% of the labor force. We expect the data coming out in the next few weeks and months will likely confirm a historic collapse in economic activity.
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