Second Wave Lockdown in Quebec Had Slight Impact on October Economy: IDQ Report

Quebec Premier Francois Legault walks to a news conference on the COVID-19 pandemic at the legislature in Quebec City on Nov. 5, 2020. Jacques Boissinot/The Canadian Press

The second wave of lockdowns in Quebec only affected a few economic sectors, and the employment rate dipped slightly, according to the latest report by the Institut du Québec (IDQ).

The IDQ report released on Nov. 10, said the employment rate in October has almost resurged to the pre-COVID period conditions, reaching 97 percent of February 2020 levels.

On Oct. 26, Quebec Premier François Legault announced that the restrictions set to expire on Oct. 28 would be extended for another 28-days until Nov. 23.

The study said roughly 207,000 people were out of work in October 2020, compared to 140,000 unemployed in February 2020. On average, the unemployment rate rose slightly by 7.7 percent in October, while it was 6.3 percent for people aged 25 to 54. IDQ said the situation was expected due to the restrictions.

The employment rate for 25-54 year olds has remained stable at 83.5 percent percent for two months.

IDQ said female employment rate in the Montreal region is gradually returning to the pre-pandemic level in February, but the number falls short elsewhere in Quebec.