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The economic impact of the massive shutdowns in March is here for all to see, and April will most likely drop even more deeply based on early EI claims figures, according to economists at the Bank of Montreal. 

Key quotes

“Canadian employment plunged by just over 1 million jobs in March (or more than 5% of all jobs) amid the initial stages of the COVID-related economic shutdown.”

“To put this loss into perspective, more than three years of job gains were erased in a single month, as we last saw this level of employment in late 2016.”

“The big issue is how long do the shutdowns last, and thus how persistent is this spike in joblessness; that is still very much open for debate. We continue to assert that as distancing measures lighten, many jobs will return quickly…many, but clearly not all.”