Fall in Unemployment for the Fifth Consecutive Month in Canada

Canada witnessed a fall in unemployment rates

Canada witnessed a fall in unemployment rates for the fifth consecutive month this year. The economy added a total of 31,000 jobs this past October, keeping the employment rate steady in Canada.

The latest Labour Force Survey for October released by Statistics Canada examined Canada’s labour market conditions during the week of October 10 to 16 as public health restrictions across Canada were significantly reduced due to low case counts and high rates of vaccination.

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Unemployment in Canada fell down to 6.7 per cent in October. Although it was the lowest in the last 20 months, it is not quite down to the pre-pandemic rate of 5.7 per cent in February 2020.

Very Recent Immigrants Continues to Enjoy High Employment Rate 

“Very recent immigrants” are defined by Statistics Canada as those who have lived in Canada for five years or less.

By October, the employment rate among very recent immigrants stood at 71 per cent, which is nearly six percentage points higher than in October 2019.

The number of very recent immigrants participating in the labour force has returned to 2019 levels, making up almost 4 per cent of the total labour force between January and July.

The employment rate for Immigrants who had been in Canada for more than five years stood at nearly 60 per cent in October. The Canadian-born population had an employment rate of 61 per cent.

The report refers to immigrants who have landed within the past five years as “very recent” immigrants.

Statistics Canada see increased Job Vacancies in Healthcare and Accommodation and Food Services. Click here to get more details.

Canada is witnessing strong growth in industries like professional, scientific, and technical jobs. The retail trade industry grew for the first time since June, but employment in accommodations and food services still seem to be slow.

While it appears the Canadian economy is headed in the right direction, some experts have flagged off the ongoing labour shortages. It appears that immigration of foreign skilled talent is the way to go for Canada to sustain its economy.

Major Canadian provinces like Ontario, British Columbia, and Quebec had already lifted capacity limits and replaced them with proof-of-vaccination requirements. Canada has reopened 8 more regional airports to resume international flights in a bid to encourage incoming foreign travel.

Now coupled with Canada’s favourable immigration policies to support its ageing demography, Canada is welcoming a high rate of foreign immigrants to study, work and settle permanently in the country.

Canada even recorded its strongest month for new permanent resident arrivals. The data recorded by Immigration, Refugees, and Citizenship Canada (IRCC) analyzed the immigration trends in the month of September 2021 and found over 45,000 new entries in one month. Altogether his year alone, Canada has admitted 267,000 new permanent residents to date.

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