Canada has recently added 31,000 new jobs to the economy, since October.
The statics report of Canada has clearly stated that the Labor force survey results have shown that a lot of the provinces have initiated proof of vaccine report. Quebec, British Columbia and Ontario are no longer putting restrictions to the entry and now only require vaccine report.
The employment gains in multiple industries were set off by the decline in others. The retail trade industry has progressed for the first time in a while, but the losses of the industry like accommodation and food services for the labor impacted the growth in some ways.
Unemployment has decreased for the fifth time in a row, by 6.7% in October. This has been the lowest in 20 months but not as low as February 2020 when it was only 5.7%
It may appear that the economy might be going towards the right direction, but experts believe that the shortage of labor has stunned the economic recovery.
Senior economist at RBC, Nathan Janzen has stated that the unemployed labor is less than what he imagined for bringing back the country to the rate it was pre covid. The growth in industries like professional, scientific, and tech has only shown that it may not be enough for the hard-hit sectors.
The laborers who returned to their jobs in the manufacturing, retail, food services sector is dealing with unemployment. This clearly means that the industries haven’t recovered from the pandemic till now.
In a report written by Janzen “(Labor Market) have yet not recovered from the impact that 2020 has left behind, but slowly things are changing and the labor shortages are not likely to deplete any time soon.
Senior director of the Canadian Chamber of commerce Leah Nord also said that it will take time to fill in the job vacancies and there is no quick way to fix this.
In a media release Nord mentioned “we won’t reach sustainable economic growth until we build an inclusive and sustainable talent pipeline.” he further added, “Canada needs a serious plan to address the structural workforce challenges, that were okay before Covid.”
Employment rates are high for the recent immigrants
After a complete halt in 2020, the number of recent immigrants has increased in the past few months. Even though Canada welcomed 184,000 immigrants to Canada, this year Canada has welcomed 267,000 new permanent residents.
The statics report of Canada considers “very recent immigrants” to be the ones who have lived in Canada for at least five years. There were more by October as compared to 2019, and it seems as though they are going to be employed. The employment is significantly high since October 2019 by 71% which is actually 6% higher than 2019.
Immigrants who’ve been in Canada for more than 5 years have had an employment rate of approximately 60 in month of October, which is down by 1% as compared to the percentage point from October 2019. The population (Canadian-born) has an employment rate of 61% to be exact.
