Posted on June 11, 2022 at 8:00 AM EDT
Unemployment in Canada reached a new record low of 5.1%, the lowest since comparable data was available in 1976.
Canadian statistics said in its latest Labor Force Survey that the workforce received 39,800 jobs in May, mostly full-time. More than 135,000 people found a full-time job last month. The profits were led by women working in all age groups.
“As we begin the courtyard-filling ritual and go on overdue leave, employers continue to look for workers to meet increased demand,” TD Bank economist James Orlando said in a comment. “This has record levels of job vacancies, which shows that the Canadian economy is working beyond full employment.
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Based on the results of Statistics Canada’s March Job Vacancies and Wages Survey, the unemployment-to-job ratio reached a low of 1.2, highlighting the pressure on labor supply facing employers, who seek to attract and retain employees. Simply put, Canadian employers can’t find enough people to work, a problem that may remain here.
“As the population ages in the coming years, the number of retirees leaving the workforce will exceed the number of new workers joining it,” wrote economist Sean Adams of the Conference Board of Canada. “The subsequent decline in participation rates will lead to low unemployment, even as the Canadian economy achieves limited employment growth. This is good news for job seekers, but can make it difficult to find staff for the business. In other words, the current labor shortage can only get worse. “
Although one potential source of labor supply is those who are not actively involved in the workforce, but say they want to work. In May, there were 409,000 such potential workers. However, the number of potential workers is lower than the more than 1 million vacancies reported in the vacancy survey.
Canada will need to continue accepting immigrants to help meet these labor needs. In 2022, Canada must accept 431,645 new permanent residents, a new record. In the first quarter of 2022 alone, Canada has accepted nearly 114,000 new permanent residents and is on track to achieve that goal.
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