Canada records lowest unemployment in 50 years

Canada records lowest unemployment in 50 years (1)

Abstract: Canada’s unemployment rate has decreased to 5.3 percent, the lowest in the past 50 years.

Highlights:

  • According to a survey by Statistics Canada, the employment in Canada has been the highest.
  • Canada’s employment rate is more than its population growth rate.
  • The intake for the labor force has increased by two times through the LMIA or Labor Market Impact Assessment.

According to the Labor Force Survey, conducted by Statistics Canada, the unemployment rate was the lowest than it had ever been in the past 50 years.

The unemployment rate in Canada fell from 0.2 percent points to 5.3 percent. It is the lowest rate on the records since data was registered in 1976. Statistics Canada determines the unemployment rate by the total number of unemployed people as a percentage figure of the labor force.

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Lifting Pandemic Restrictions in Canada

The survey was conducted on the work conditions of the Canadian labor market from March 13 to March 19. During the survey week, Canadian provinces like Manitoba, Quebec, Ontario, and Alberta were lifting some of the pandemic restrictions.

The people coming to their workplaces do not need to show their vaccination certificates or have limits for capacity at the office.

Low Unemployment Rate for Immigrants

The unemployment rate for immigrants at an age where they can work and who came to the country in the last 5 years was 8.3 percent. The figure has been the lowest since data for comparison became available in 2006.

Native Canadian workers had a rate of unemployment of 4.5 percent. The difference of 3.8% is the same as it was before the onset of the pandemic in March 2019.

In the last week, Canada launched measures to help the temporary foreign workers to address the shortage of labor. The maximum length of time of employment for Global Talent Stream and High-Wage workers has been increased from two years to three years. They no longer need to limit the number of low-wage vacancies that employers in the seasonal-based industries can fill through the TFWP or Temporary Foreign Worker Program.

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