Off-farm income is an essential component of nearly all Canadian farm operations. According to Statistics Canada, over 99% of farm families report some source of off-farm income, with four out of five reporting employment income. Off-farm jobs provide stability to family income and mitigate the variability in farming income. With the June unemployment rate at 12.3% and the lower number of hours worked, the current economic downturn will negatively influence the incomes of farm families.
The Great Lockdown has severe consequences on employment
This recession is worse than others in terms of jobs lost Employment in Canada declined over 15% from February to April and rebounded with strong employment gains in May and June. As a percent of the peak observed before the start of the recession, overall employment is still well below the lows experienced in the prior three recessions.
Click here to see more...