A new record in Canada unemployment rate of 5.1% reached in May 2022

News Highlights

• Canada’s unemployment rate fell to 5.1%, an all-time record, in May 2022.
• This was a steady improvement from April 2022 when the rate was 5.2%.
• The latest statistics indicate a tightening Canadian job market.

*Know your eligibility to immigrate to Canada through Y-Axis Canada Immigration Points Calculator.

Unemployment rate in Canada

Skilled foreign nationals must look at Canada unemployment rate from the Labor Force Survey Report which revealed all-time low unemployment of 5.1% in May 2022. This was steady progress from April 2022, a month that registered an unemployment rate of 5.2%. This indicates that the Canadian labor market has tightened even further, opening even more opportunities for skilled foreign workers arriving to work in Canada.

Also read...

16 new occupations added to Canada Express Entry NOC list

Here are more significant revelations from the Labor Force Survey Report:

• In May 2022, Canada’s employment rose by 40,000, leading to a dip in unemployment to the rate of 5.1%.
• This rate of unemployment was steady progress made by Canada compared to 5.2% in April 2022.
• In May 2022, Canada achieved the lowest unemployment rate in its history.
• Growth in the rate of full-time work among the youth and women of the core age group (ages 25 – 54) by 3.1% led to more employment in several industrial sectors. The percentage was calculated on a year-over-year basis. The rate of growth was 84.6%.
• Average hourly wages also increased by 3.9% on a year-over-year basis.
• The adjusted unemployment rate fell 0.2% to reach 7% in May 2022. This too is the lowest rate of adjusted unemployment on record since 1976, the year in which comparable data became available.
• The number of employees working in Canada’s public sector grew by 108,000 in May 2022. These were people working in healthcare, education, and social assistance areas.
• The fall in the number of people working in the manufacturing sector largely contributed to the fall in the number of employees in the private sector by 95,000.
• The rate of long-term unemployment stood steady at 19.7% of total unemployment. In April 2022, this was 20.6%.
• The overall labor force participation rate was at 65.3% in May 2022. This rate is indicative of the proportion of the population with a minimum age of 15 consisting of employed/unemployed individuals.

The sector-wise growth in employment in May 2022 was as follows:

A province-wise examination revealed this information:

Employment in Atlantic Provinces

In the Atlantic provinces of Alberta, Prince Edward Island, and Newfoundland & Labrador, here’s how employment rates went:

*For more of the latest Canada immigration news, please click here.

In Quebec, the rate of employment stayed at the same level as the earlier month. A major reason for this was the growth in full-time jobs that was offset by the slump in part-time occupations.

Also read...

Quebec’s facilitated LMIA now has 65 more occupations added to the list

Canada Vs US comparison

After adjusting Canadian employment data to concepts prevalent in the US, the comparison of employment/unemployment rates reveals the following data from May 2022:

So, it’s time for skilled foreigners to explore their opportunities, migrate to Canada and join the Canadian workforce as there’s a huge requirement for workers.

If you are willing to work in Canada, talk to Y-Axis, the leading immigration and career consultant in the UAE.

If you find this blog engaging, you may also like:

A big change for online Canadian citizenship application, in Fall 2022