Latest Update(May 10, 2022):Statistics Canada reported that the unemployment rate in Canada reached a new low in April 2022 at 5.2%, down from the previous record of 5.3% in March this year.
The unemployment for people in the age group of 25 to 54 is 4.3% which has been the lowest according to the data became available since 1976.
The unemployment rate among immigrants fell to 5.5% in April from 5.8% in March. Statistics Canada reports that it fell across three categories of immigrants.
The unemployment rate fell to7.8% as compared to 8.3% in March mong immigrants who gained permanent residence within the last five years. It fell from 6.3% in March to 5.8% in April for immigrants that gained permanent residence between five to ten years. The unemployment rate among those immigrants who gained permanent residency more than ten years ago stood at 4.6% in April as compared to 4.8% in March.
The job vacancies in Canada stand at 8,00,000, making itis a historic moment. The federal and provincial governments of Canada are easing their Temporary Foreign Worker Program rules.
Alberta announced that the province was uplifting all the occupations from a refusal to process list. This was earlier done to prevent employers from recruiting foreign workers in occupations where there was surplus labour.
Canada is willing to fill up the vacancies in the labour market by welcoming more immigrants into the country. Under Canadas Levels Plan 2022-24 they are looking forward to welcoming over 4,30,000 immigrants under the economic class every year. The most popular route is through Express Entry. Refugees and Citizenship Canada will resume Express Entry invitations in July.
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(March 14, 2022):After several provinces in Canada lifted the stringent measure of Omicron-related health safety guidelines, the labour force market recuperated in the country. Most of the provinces are now lifting the caps on restaurants, retailers, gyms, and theatres and vaccination requirement proofs are also easing. Owing to this, the unemployment rate in Canada has decelerated to 5.5% which is even lower than in the pre-Covid era, according to Statistics Canada's February Labour Force Survey.
The unemployment rate in Canada stoodat 5.7% in February 2020. The total immigrant unemployment rate in the country was 5.7 % in February this yearwhich has fallen down from 5.9% in February 2020. 337,000 jobs were created during the month of February alone. The businesses which noted profits are accommodation and food services, information, culture, and recreation. Alberta and New Brunswick saw a steady rise in employment along with six other provinces.
The market has recovered in spite of several major disruptions and businesses are now hiring and retaining employees rather than laying them off. The total employment rate increased to 61.8%. Nathan Janzen, an economist at RBC wrote that the job market demonstrates a trend of greater availability of job openings than the availability of labour. The wage has also grown at 3.1% now.
The cost of living has increased in Canada. According to Consumer Price Index, the inflation rate has crossed 5% since it had last done in September 1991 and increased 5.1% on a year-over-year basis.
Canadas 2022-2024 Immigration Levels Plan released in February 2022, reveals the governments plan to increase the number of permanent residents in Canada for the coming three years to meet the labour shortage hampering many sectors of the economy. The vacancies have escalated and to tackle the rising need for the labour force, the government has to increaselandings of immigrants.
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Source: CIC News