Canada recovers from COVID-19 distress in unique fashion

Canada economic recovery

Canada’s economic recovery has commenced with the lifting of COVID-19 related lockdown restrictions. Lots of Canadian citizens and permanent residents have got back to work with their old employers. Many more have started working in new jobs.

As COVID-19 made its impact on Canada, 3 million people lost their employment between February and April 2020. COVID-19 related issues caused another 2,5 million people to stay absent from their work. All this information came to light through the findings published by Statistics Canada.

In May, a slow recovery process was seen happening with 290,000 people returning to work. Thanks to such progress, the situation improved in June 2020. The unemployment rates across Canada reduced. Employment increased by an astounding, record-making 953,000 people.

The labor market also showed signs of recovery in the months of May and June 2020. A recovery rate of 40% proved that the progress was happening at a staggering rate indeed. More than 1.24 million people got employed after a dismal state with 3 million losing their jobs in early 2020.

It was awesome to see that the country’s overall unemployment rate decreased from 13.7% in May 2020 to 12.3% in June 2020.

The scene gets better with regards to the labor force participation rate. This rate is the percentage of a country’s population aged 15 or above and part of the nation’s labor force.

The rate has substantially gone up over the last 2 months. It went up by 63.8% in June 2020 even with the COVID-19 crisis still affecting the country. This, comparatively, is a great performance as the rate was 65.5% in February 2020 when the pandemic related restrictions were absent in the country.

If you are trying to muster confidence in Canada immigration, these facts show a promising state of affairs. More and more people are optimistic about Canada, and choosing the country as a potential destination to find a job. The stipulation of CESB (Canada Emergency Student Benefit) for students arriving in Canada to find a job is also probably another factor for such progress.

The CESB was introduced to reduce the financial problems of foreign students affected by restrictions related to COVID-19.

Another important observation was that the number of people who work less than half of their usual hours also came down. The rate of such people came to 26.9% in June 2020 from 34.3%.

Quite encouragingly, the rise in employment across all Canadian provinces coincided well with the easing of restrictions due to lockdown. In Ontario, employment rose by 5.9% (378,000 nos.). In Quebec, this was 6.5% (248,000 nos.). British Columbia registered a rise of 5.4% (118,000 nos.).

With such promising progress with the reopening of the economy, of which immigration Canada is a large contributor, Canadians, and Canada’s permanent residents are back in the country to work or seek jobs.

This betterment has also reflected in the way Canada PR immigration has returned to normal. IRCC (Immigration, Refugees and Citizenship Canada) has kept its immigration programs as Express Entry draws going consistently. The most recent one was an all-program draw. That involved candidates for FSTC (Federal Skilled Trades Class) and FSWP (Federal Skilled Worker Program).

Besides that, IRCC has been holding program-specific draws by alternating between CEC (Canada Express Entry) and PNP (Canada PNP) draws.

With such a rejuvenated job market situation in Canada, tremendous development is up to be witnessed. This will happen as the PR rates touch new heights in the days to come.

If you are looking to Study, Work, Visit, Invest or Migrate to Canada, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.

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