In the past month of October 2021, Canada managed to add to the economy a total number of 31,000 employment opportunities. Thus, lowering down the unemployment rate for the fifth time in a row.
According to Statistics Canada, The Labour Force Survey showed the results between October 10th to October 16th several provinces during that time period had enacted a proof of vaccination. Provinces like Quebec, Ontario, and British Columbia had waivered off capacity limits and substituted it with validation of vaccination instead.
The rate of unemployment decreased consecutively for the fifth time in a row to 6.7 percent, last month. As per records, this percentage has been lowest in 20 months but has not yet matched the levels of the pre-pandemic times when the rate was 5.7 percent.
It is noticeable that the economy is moving forward in the right direction and according to some experts, the current labor shortages are proof that Canada’s economy has been healing.
A senior economist at RBC, Nathen Janzen stated that the number of unemployed populations is slightly similar to the pattern of job vacancies in the accommodation and food sectors as it was during the pre-pandemic levels. It has been carefully witnessed that industries like technology, science, and other professional jobs are soaring high with job vacancies and there might not be enough talent to fill this need.
It is also proven that employers previously associated with the manufacturing, retail, and food sectors did not return back for the same opportunity after facing a rough couple of months of unemployment. This suggests that all the sectors of the Canadian job market have not yet recovered from the chaos that was brought on by the unpredictable pandemic.
Canadian Chamber of Commerce, Leah Nord said that the job vacancies will be needed to be filled and also that there are shortages of skilled workers and a lack of silver-bullet-fix.
Newcomers are in high job demand in Canada
In recent months, the newcomers in Canada have been in high job demand after witnessing a pause for a while in 2020. Last year, 184,00 immigrants were welcomed while this year Canada managed to invite 267,000 permanent residents this year.
Canada only tags ‘very recent immigrants’ to those who have lived in the Great White North for about five years and less. According to Statistics of Canada, by the month of October, the number of recent newcomers has been increased drastically as it was back in 2019. It has been also noticed that the employment rate for these immigrants was higher by 71 percent making it a hike of 6 percent than it had been in October of 2019.
A 60 percent employment rate was noted for immigrants who had been specifically living in Canada for more than five years. Whereas the Canadian-birthed population had an employment rate of 61 percent approximately.
