Canada’s unemployment rate down to record-low 5.1%

Key Aspects:

• Canada’s unemployment rate has reached a new record-low of 5.1%
• According to the Labor Force Survey, the labor force has gained 39,800 jobs in May
• More than 135,000 people had found full-time work in the last month
• There were 409,000 potential workers in May
• According to the job report survey, the potential workers are recorded with more than 1 million job vacancies
• The unemployment ratio for job vacancies has reached the lowest of 1:2
• Canada, with a new record, is set to welcome 431,645 new permanent residents

Overview:

The demand for workers has been increasing remarkably in Canada as unemployment decreases and job vacancies rise. Canada’s unemployment rate has reached a record of 5.1%, the lowest point since the comparable data in 1976.

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Main Features:

According to the recent Labor Force Survey from Statistics Canada, the labor force gained 39,800 jobs in May. More than 135,000 people had found full-time work in the last month, and the gains were led by the women workers of all age groups.

“As we establish the custom of filling up patios and hit the road for delayed vacations, the employers continue to search for workers to meet the increased demand. This has job vacancy rates at record levels, clarifying that the Canadian economy is functioning beyond employment,” TD Bank economist James Orlando has stated in a commentary.

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According to the Statistics Canada’s Job Vacancy and Wage Survey results for the march, the unemployment ratio for job vacancies has reached the lowest of 1:2, prioritizing labor supply pressures where the employers are seeking to attract and retain employees.

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“With the increase in the population, the number of retirees from the workforce will exceed the new workers shortly. The subsequent drop in participation rates will result in unemployment rates which are constantly low as the Canadian economy succeeds in limited growth,” stated economist Sean Adams with the Conference Board of Canada.

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With a new record, Canada will welcome 431,645 new permanent residents. In the first quarter of 2022, Canada has invited nearly 114,000 new permanent residents and will continue to invite immigrants to help meet these labor requirements and demands.

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There were 409,000 potential workers in May. Although, the number of potential workers is recorded with more than 1 million job vacancies according to the job report survey.

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