The rate of employment is increasing in Canada while on the other hand, the rate of unemployment has come down to its lowest rate.
Statistics Canada’s March Labor Force Survey revealed the statistics showing the lowest rate of unemployment among the immigrants entering the country in the last 5 years.
The labor market of Canada was put under observation between March 13 and March 19. In the mentioned week, the restrictions imposed after COVID19 were eased in many Canadian provinces. Requirements like vaccination proof and capacity limitation were totally lifted in Canadian provinces like Manitoba, Ontario, Quebec, and Alberta.
The rate of unemployment in Canada is calculated by considering unemployed workers as the labor force percentage. The rate of unemployment declined by 0.2% and reached 5.3% which is the lowest rate of unemployment in Canadian immigration history.
The rate of adjusted unemployment is the percentage of job seekers who wish to have a job but are not willing to look for it. This rate was 7.2% pre-pandemic.
The rate of unemployed core aged immigrants coming to Canada in the previous 5 years was 8.3% which was the lowest percentage since 2006. Workers born in Canada recorded a 4.5% rate of unemployment.
Nanthan Janzen, who is an assistant chief economist, claimed that as the rate of unemployment is falling, the rate of a labor shortage is also decreasing, specifically in sectors that are not yet recovered.
The growth in employment levels had outpaced the population growth. 73,000 new people were employed in March, under which the majority of them were for full-time work.
The growth in employment has outpaced growth in population since September 2021. After recovering from the pandemic, the employment rate grew by 2.4% whereas the population of the age group of 15 and above has only increased at a rate of 0.8%.
Considering all the factors like less growth in population, availability of a large number of vacancies, and high rate of employment makes Canada a favorable country for immigrant workers.
To resolve the issue of Labor shortages, the government of Canada introduced various measures like increasing the validity tenure of LMIA assessment by up to two times. LMIA shows that no Canadian worker is fit for the job which signifies calling foreign workers through work permits.
Also, the government has increased the time period for Global Talent Stream workers and High Wage from 24 months to 36 months. Also, the government had given the freedom to employers to hire as many low-wage position workers under TFWP.
Additionally, the number of foreign workers staff will be defined. Earlier the applications for LMIA would get automatically canceled for accommodation and food-related industries having a rate of unemployment above 6% for low-wage workers. The government will close this practice from April 30.
The Immigration Levels Plan 2022-2024 mentions calling 4,31,645 new permanent residents this year. This will set a new record in the immigration history of Canada.
Canadian immigration and the growth of the population are directly proportional to each other. Canada is considered to have the fastest-growing population in G7 all because of immigration. The increase in 1.8 M population growth made between 2016 and 2021 was major because of temporary residents and permanent residents coming into the country. A small proportion was accounted for by natural births.
