Macroeconomics , Microeconomics

What, in the article, provides evidence of a connection to the economic theory or model from this course? Be specific and make some connection to CANADA.

How does the model provide you with some clarity on understanding the article OR how does the article provide you with clarity on understanding the model or theory.

How, in the limited amount of economics we have covered thus far, has your perspective on how the economy works changed?

https://www.cbc.caews/business/jobs-august-1.5756642

Canada added 378,000 jobs in September, even more than in August

Canada's economy added 378,000 new jobs in September, Statistics Canada says, almost all of which were full-time positions.

September's job gains mean that the job market is now within720,000 positions of where it was in February, before the advent of COVID-19 in Canada.

March and April saw a cumulative record of three million jobs lost in Canada,before the numbers started tobounceback in May. The economy hasadded jobs every month since, but the job market is still almost three quarters of a million positions short of where it was before this all started.

Still, the September surge means the economy has officially recovered more than three-quarters of the jobs itlost. For comparison purposes, the U.S. has only gained back a little more than half of the jobs it lost.

Most of the new jobs were full-time work. Only about 44,000 of them were part-time. The gains were also more than twice as many as economists had been expecting.

Every province added jobs except Prince Edward Island, which lost 800 but most came in the four most populous ones:

• Ontario added 167,000.
• Quebec added 76,000.
• British Columbia added 54,000.
• Alberta added 38,000.
• ANALYSISWatching Friday's jobs data for the dreaded K-shaped recovery

September's hiring was enough to push the jobless rate down to 9 per cent. For context, in February, Canada's unemployment rate was 5.6 per cent,before COVID-19 walloped the economy, and pushed it up to a high of 13.7 per cent in May, the highest rate on record. It has fallen steadily in each of the four months since then.

The last time Canada's economy was hit by anything remotely similar to the impact of COVID-19 was the recession of 2008 and 2009. That time, the jobless rate was 6.2 per cent when it headed into the slowdown in October, before peaking at 8.7 per cent eight months later in June 2009.

It took nine years from that point on forthe rate to get back to where it was before.

Total jobs lost since COVID began, by industry Accommodation and food services -188,100 Retail trade -145,700 Construction -120,300 Transportation and warehousing -82,400 Business, building and other support services -58,600 Other services -45,300 Information, culture and recreation -44,600 Health care and social assistance -37,400 Agriculture -29,300 Manufacturing -14,500 Natural resources -11,800 Public administration -9,100 Finance, insurance, real estate, rental and leasing -2,200 Utilities 4,800 Professional, scientific and technical services 9,400 Wholesale trade 19.90 Educational services 35,700 CBC NEWS Chart: Pete Evans/CBC . Source: Statistics CanadaUnemployment rate continues to fall 14% May 2020 13% 12% 11% 10% 2008/2009 recession 9% September 2020 8% 7% 6% 5% '04 '06 '08 '10 '12 '14 '16 '18 '20 CBC NEWS Source: Statistics Canada Canada's unemployment rate more than doubled during COVID-19 but has slowly inched back down to 9%. (Scott Galley/CBC)