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Unemployment rate reflects K-shaped recovery

11/18/2020

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Greater Victoria’s unemployment rate dropped to 7.6% in October from 9.1% the month before, according to Statistics Canada's latest figures.
 
The numbers reflect what is now being called a K-shaped economic recovery, with some businesses able to return to pre-pandemic operations and others still facing an uncertain future.
 
Across Canada, 57% of businesses in the accommodation and food-services sector report they are unable to take on more debt. About one-third of those say, at current levels of business, they will need to consider closing, declaring bankruptcy or reducing staff unless revenue increases in the next six months.
 
"With finite public resources available, we need to look carefully at the return on investment of government spending," said Canadian Chamber of Commerce Chief Economist and Vice-President of Policy, Dr. Trevin Stratton. "Some programs are more beneficial than others. Some policies will contribute more to economic growth. Let’s make sure federal spending is focused on quality over quantity."
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  • Membership
    • Why Join?
    • Job Board
    • Chamber Week 2021
    • Member to Member Offers
    • Benefits, Discounts & Savings >
      • Chamber Store
    • Questions & Answers
    • Join Now
    • Member Login
  • Member Directory
    • All Categories
  • Events
    • Signature Events >
      • YYJ Eats
      • Annual Gala Auction
      • Business Awards >
        • 2021 Business Awards Finalists
      • Business Leaders Series
    • Event Calendar >
      • Chamber Events
      • Community Events
    • Event Photos
    • Sponsorship
  • COVID-19
    • COVID-19 Initiatives
    • COVID-19 Links
  • News & Advocacy
    • Weekly BizNews >
      • BizNews-articles
    • Advocacy / Wins for Business >
      • Advocacy Wins 2020
      • Business Property Taxes
      • Advocacy Priorities
    • Chamber Chats
    • In the News >
      • Published Op-Eds
      • Media Releases
  • Prodigy Group
    • Mentorship Program
    • Prodigy Group Committee
    • Prodigy Events
    • Contact the Prodigy Group
  • About Us
    • Staff Directory
    • Board & Governance >
      • Governors
      • By-Laws, Plans & Reports
    • Committees
    • Chamber History
    • Partners & Sponsors
    • About Victoria >
      • Starting a Business
      • Moving Here
      • Visiting Victoria, BC
    • Contact Us