Canada’s unemployment rate hit a new all-time low of 5.1%, the lowest level since comparable data became available in 1976. The Statistics Canada reported in its most recent Labor Force Survey that the workforce gained 39,800 jobs in May, mostly in full-time employment. More than 135,000 people found full-time work last month. The profits came from female workers in all age groups. “As we begin the yard-filling ritual and take to the streets for late vacations, employers continue to look for employees to meet the growing demand,” TD Bank economist James Orlando said in a comment. “This has record job vacancies, making it clear that the Canadian economy is operating beyond full-time employment.” Find out if you qualify for Canadian Immigration According to the results of the survey on job vacancies and wages of the Statistical Service of Canada for March, the ratio of unemployed to job vacancies reached a record low of 1.2, underscoring the job supply pressures faced by employers seeking to attract and retain employees. Simply put, Canadian employers can not find enough people to work, an issue that could be left here. “As the population ages, in the coming years the number of retirees leaving the workforce will exceed the number of new workers entering it,” writes economist Sean Adams on the Conference Board of Canada. “The consequent drop in participation rates will keep unemployment rates low even when the Canadian economy is experiencing limited employment growth. This is good news for job seekers, but it could make it increasingly difficult for businesses to find staff. “In other words, the current labor shortages can only get worse.” Although a possible source of job offer are those who do not actively participate in the workforce but state that they want to work. In May, there were 409,000 of these potential employees. However, the number of potential employees is less than the more than 1 million job vacancies reported in the job vacancy survey. Canada should continue to welcome immigrants to help meet these labor requirements. In 2022, Canada is set to receive 431,645 new permanent residents, a new record. In the first quarter of 2022 alone, Canada has landed nearly 114,000 new permanent residents and is well on its way to achieving that goal. Find out if you qualify for Canadian Immigration © CIC News All rights reserved. Visit CanadaVisa.com to find out about immigration options in Canada.
