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Technology Canadian unemployment could hit 15 per cent amid coronavirus pandemic, deficit to $113B

15:51  27 march  2020
15:51  27 march  2020 Source:   globalnews.ca

New nursing home cluster amid COVID case rise and economic gloom

  New nursing home cluster amid COVID case rise and economic gloom TORONTO — The steadily growing case load of COVID-19 infections in Canada surpassed 4,000 on Friday amid questions about fatalities that may not be counted as resulting from the pandemic. Two residents of a nursing home in Bobcaygeon, Ont., who had symptoms of the flu-like illness have died but neither was tested for the coronavirus. In fact, the Pinecrest Nursing Home said only three others were tested and confirmed positive, while 35 residentsTwo residents of a nursing home in Bobcaygeon, Ont., who had symptoms of the flu-like illness have died but neither was tested for the coronavirus. In fact, the Pinecrest Nursing Home said only three others were tested and confirmed positive, while 35 residents have coronavirus symptoms.

New claims for unemployment compensation were expected to hit a record-breaking 1 . 5 million for the week ended March 21, according to economists surveyed by Dow Jones. NOW PLAYING: Video. US unemployment surges to record-breaking 3.28 million amid coronavirus pandemic .

Live statistics and coronavirus news tracking the number of confirmed cases, recovered patients, and death toll by country due to the COVID 19 coronavirus from Wuhan, China. Coronavirus counter with new cases, historical data, and info.

a group of people sitting at a table: An almost deserted shopping mall is shown in the Montreal borough of Pointe-Claire, Saturday, March 14, 2020, as COVID-19 cases rise in Canada and around the world. More retailers are closing their doors or shifting to take-out orders only as concerns around the novel coronavirus outbreak increase. THE CANADIAN PRESS/Graham Hughes An almost deserted shopping mall is shown in the Montreal borough of Pointe-Claire, Saturday, March 14, 2020, as COVID-19 cases rise in Canada and around the world. More retailers are closing their doors or shifting to take-out orders only as concerns around the novel coronavirus outbreak increase. THE CANADIAN PRESS/Graham Hughes

The coronavirus pandemic sweeping the globe could send Canadian unemployment rates soaring to 15 per cent by the end of the year, a new forecast by the parliamentary budget watchdog suggests.

At the same time, the federal deficit could spike to $113 billion by the next fiscal year.

The current federal deficit sits at roughly $26.6 billion while the national unemployment rate in February was 5.6 per cent.

More to come.

Canada may extend coronavirus wage subsidy by ‘months’: employment minister .
CEWS provides funding of 75 per cent of a worker's wages to eligible businesses. About 1.7 million Canadians are being paid by the $73-billion program, Qualtrough said. Applications opened on April 27. It's one of many new programs and stimulus efforts launched while the economy remains on pause due to the pandemic. The full price tag is not known, though the parliamentary budget officer found the federal deficit could be as high as $252.1 billion this year. Canada posted its second-worst monthly unemployment rate on record on Friday.

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