Last June 5, Canada and the United States have released already their job reports which shows a rundown of what happened on the jobs during the period of lockdown. These job reports will help in providing insights regarding the shock to the labor markets around the United States and Canada as well as to their economies.
However, experts are calling for several adjustments to be made during job reports for it to be more effective. They are proposing to check daily Canadian’s job status and look into it. This may be an economic indicator since it shows how fast or slows an economic activity is. Also, look into the workers’ income.
Having a job does not necessarily mean that they are in the full capacity of earning money since some people are doing freelance work and Uber services. After several job platforms become digitalized, this will be the first time that an economic shock might hit Canada so including these types of jobs is a must to determine the impact of Covid-19 on the livelihood of Canadians.
Besides, think of psychological status as equal to the importance of the economy. The behavior of citizens is most likely a factor in a crisis so including it in the forecast might be necessary to create an effective policy.
Lastly, the possibility of 2nd economic shock is high so be prepared. In this time of a pandemic, the government helps in supporting people who lose their job. However, what about after the pandemic and businesses do not re-open like we think they would?
This will greatly impact the job report and the economy so policymakers should have a plan regarding this and carry out in terms of needs.