In October, Canada still observed a steady state in employment rates. Labor shortages still exist but the job vacancies are going uptrend making the employment rate steady.
Recently, Canada added 31,000 more jobs in October, and the employment rate has come down for the fifth consecutive month as the labor shortages persist.
Latest Labor Force Survey results
As per the statistics of Labor Force Survey, most of the provinces replaced the capacity limits with proof-of-vaccination requirements. Ontario, British Columbia, and Quebec have implemented the same in the second week of October.
There are few employment gains in many industries but there are some declines due to few reasons. For instance, retail trade industry has raised since June, but the growth is slowed down due to the lack of accommodation and food services.
Unemployment rate fell down to 6.7 percent in October. This was observed continuously in a row since past five months. It is recorded as the lowest in 20 months but is more than the pre-pandemic rate that is 5.7 percent in February 2020.
| Nathan Janzen, senior economist at RBC, said the number of unemployed workers is less than what it would take just to get employment in accommodation and food services back to pre-pandemic levels. The strong growth in industries like professional, scientific, and technical jobs, makes it seem there may not be enough workers to fill positions in hard-hit industries. |
Few of them returned to their positions in accommodation and food, manufacturing, and retail trade industries. This clearly marks that all industries have not recovered from the hard-hit of the pandemic.
Canada has to make a serious plan to fill the labor shortages to observe sustainable economic growth.
Employment rate remains high for very recent immigrants
The percentage of very recent immigrants in Canada has been increased after lifting the pandemic travel restrictions. In 2021, Canada welcomed 184,000 newcomers and admitted 267,000 new permanent residents.
According to the statistics, "very recent immigrants" are considered as the individuals who have lived in Canada just for five years or less than that.
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