According to a Labour Force survey in March, the unemployment rate was recorded at 5.3 percent low for immigrants who landed within five years.
According to the new report on market conditions during the week of 13 to 19. According to this report the Canadian economy netted 73000, positions last month and restricted related Omicron was eased. All limits and proof of vaccinations requirements were lifted in Quebec, Manitoba, Alberta, and Ontario before mid of march.
As compared to recorded data available in 1976, the unemployment rate in Canada fell by 0.2 percentage points to 5.3% which is the lowest record for Unemployment in Canada.
For the first time, the unemployment rate in Canada is 7.2% which is below its pre-pandemic level.
The unemployment rate for core-aged immigrants was 8.3% which becomes the lowest as compared to data available since 2006.
Nathan Janzen, the assistant chief economist at RBC Economics, writes, “with unemployment so low, almost all industries are battling against labor shortages, including the hospitality sector that hasn’t fully recovered yet.”
Employment growth more than population growth
Employment gains have outpaced the population growth since September 2021. As compared to the population aged 15 and older Canada’s employment rate has increased by 2.4%.
Last week Canada introduced an estimate to support temporary foreign workers to address the labor shortage. Some of these measures have already been implemented, such as a two-fold increase in the validity period of LMIA. LMIAs show that a foreign worker will not take the job of a Canadian employee and they require certain permits. Also, the maximum period of employment has been increased from two years to three years for workers with high salaries and a global talent stream.
There will be two more measures that will come with new rules regarding what percentage of an employer’s employees can be foreign workers. LMIA applications for low wages businesses in the housing food services and retail business sectors in areas with an unemployment rate of 6% are also ended by the Canadian government.
Canada is ready to accept a new record number of newcomers for permanent migration in Canada. According to the 2022-2024 migration level plan, Canada intends to enroll 431645 new people in 2022.
Migration is more responsible for the growth of Canada’s population. Between 2016 to 2021, 1.8 million people increased in Canada.
