The Canadian economy revived to its fullest in February as the government lifted the public health-related restrictions
Statistics Canada analyzed the performance of the Labour Market of Canada in the third week of February. The Canadian Government had implemented strict rules related to public healthcare which were lifted in February. A lot of provinces were allowing relaxation for vaccinations, enlarging the number of people in public spheres like theatres, gyms, and restaurants.
The unemployment rate was a 5.7% pre-pandemic which fell to 5.5%.
The Canadian government has added more than 3 lakh jobs in the second month of this year. The profits were mostly from the services like accommodation and food-related services. The rise in employment could be seen among 8 provinces, while the provinces of Alberta and New Brunswick had a steady rate of employment.
The president of LHH, Jim Mitchell claimed the quick recovery of the province’s economy despite all the social breakdown. He also claimed an overall reduction in the termination of workers after reviving from the pandemic. Employers across the country are aiming to invite and retain workers after the pandemic.
In February, the percentage of employed citizens aged above 15years grew to 61.8%. The employment rate went back to its primitive percentage in September 2021. The percentage of employment is an indication of the level of employment as well as the quantity of population.
An economist at RBC mentioned the number of candidates applying for the jobs has surpassed the number of available vacancies for the specified jobs Which has made the task of hiring employees difficult. This is also applicable for services like accommodation and food-related services that were barely affected by the pandemic. The percentage of wage rate has also increased from an hourly average of 3.1% to 2.4% at the beginning of the year.
Also, the cost of living in the country has inflated at 5% which has never happened since 1991. The consumer price index of Canada has mentioned the 5.1% rate of inflation.
Immigration levels Plan 2022-2024 has shown that the Canadian Government is aiming to call a greater number of immigrants from different nations over the next coming 3 years.
Economist at Conference Board of Canada, Liam Daly said that the reason for increasing the target immigrants is to fulfill the shortage of Canadian Labour market. To focus on the problems that emerged in the pandemic, the Canadian government is aiming to match the number of increased jobs vacancies with the number of applications, it also aims to give the status of Canadian PR status to more temporary residents living in Canada.
