Economy Down 11.6% in April

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CBJ — The national economy was down 11.6% in April, marking the largest monthly decline on record, according to Statistics Canada.

However, the good news is that early figures indicate a rebound was in the works in May. Final numbers won’t be known until the end of July.

Manufacturing was down 22.5% in April while food manufacturing dropped 12.8%.

Accommodation and food services sector dropped 42.4% as many more people stayed home. Bars and restaurants in particular were very hard hit, plunging 41%.

Construction was off by 23%.

@CanBizJournal

 

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