Exceptional job market growth in Nov 2021 can boost Canada immigration

Great news from Canada! November 2021 proved to be phenomenal for Canada’s labor market that gained way past expectations with employment rising to around 154,000. This report was given by Statistics Canada recently. Now, Canada immigration will more boost by creating a positive impression among those who wish to migrate abroad.

The growth in employment achieved in November 2021 is four times more than economists had predicted. The indications of the imminent full recovery of the Canadian economy are clearly visible from the report.

The unemployment rate of Canada has fallen to 6%, which is something close to the rate before the COVID-19 pandemic. In October 2021, the unemployment rate was 6.7%. So, obviously, there’s steady and commendable progress on that front in Canada.

The losses from the COVID-19 have been fully recuperated for the first time since the pandemic as the hours worked rose by 0.7%. Improving its performance, the Canadian Dollar gained 0.2% to reach CAD 1.279 per US Dollar.

From the November 2021 figures, it’s clear that a large number of people have dropped their unemployment ranks. This very well coincided with Canadian PM Justin Trudeau’s decision that the government will terminate its key support program for Canadian people in October 2021. Unemployment decreased by 122,000 in November 2021, a number very impressive compared to 56,200 in October 2021.

Another significant improvement was seen in the job-finding rate. This indicates the rate of Canadians who were unemployed in October 2021 but found jobs in November 2021. This rate was 37% in November 2021. It was the highest since March 2020.

In October 2021, the chunk of people in Canada looking for a job grew to 30% from 25% in September 2021. The hiring activity is on a high among Canadian employers. The average hourly rate of wage in November 2021 was 2.7% more than what it was in 2020. Compared to October 2021, the increase was 2%.

The service sector created the major share of new positions. It was followed by healthcare, retail trade, and professional services. In the goods-producing sector, manufacturing was responsible for all the job gains.

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