Job loss numbers in financial services

Canada lost a record two million jobs last month as businesses shut down because of Covid-19, after already losing nearly one million in March.

Most of the decline in full-time jobs (75%) was among low-paying workers, estimates CIBC World Markets in a report this week.

The report provides information on the cumulative change in full-time employment since February for 140 occupations (not seasonally adjusted).

Topping the list is retail sales, which lost 89,500 full-time jobs. The next greatest losses are among chefs, and other occupations in food and beverage service (67,700 and 65,300, respectively).

Numbers are also provided for financial services, which is among the less hard-hit sectors.

Managers in financial and business services lost 16,400 jobs.

Financial, insurance and related administrative support workers lost 10,800 jobs.

Insurance, real estate and financial sales occupations lost 6,400 jobs.

For more details on job losses by occupation, see the CIBC report.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.