Canada Nears Record-Low Unemployment Rate in February

Unemployment in Canada fell to 5.5 last month, lower than it was in February 2020, according to Canada's February Labor Force survey.

Canada's workforce was fully restored in February after public health initiatives related to Omicron were lifted in various provinces.

Statistics Canada measured the performance of the Canadian labor market between February 13 and 19. Many were picked up by the February referendum week after public health was tightened in December and January. Many provinces were making it easier to prove their need for vaccines, and increasing their capacity in restaurants, retailers, theatres, and gyms.

For the first time, unemployment fell to 5.5% from its previous COVID-19 level Prior to the epidemic, the unemployment rate was 5.7% in February 2020. The recorded unemployment rate was 5.4% in May 2019.

On an unfounded basis, the total unemployment rate in February was 5.7%, compared to 5.9% in February 2020.

Employment in February is more than compensation for severe public health measures in January. In February, Canada added 337,000 jobs The benefits of housing and food services, as well as the information, culture, and entertainment industries were significant The growth in the provinces and the population has increased Employment increased in eight states and remained stable in Alberta and New Brunswick.

LICH President Jim Mitchell wrote to CIC News in an email that the labor market had recovered faster than expected in February, despite social disruptions. “There has been a steady decrease in overall leave this month since we are coming out of the pandemic. For the first time, employment rates across the country are looking to retain talent as the employment rate returns to pre-COVID levels. ”

The overall employment rate, or the proportion of the population over the age of 15, rose to 61.8% in February, the first time it has returned to its pre-COVID-19 level. Although Canada's employment returned to pre-epidemic levels in September 2021, employment rates, which reflected both employment levels and population size, slowed recovery.

Nathan Janzen, an economist at RBC, wrote: “It’s becoming increasingly difficult for employers to hire in the industries for a narrow pool of business - housing and food services where employment is lower than the pre-epidemic level. In February, the average hourly wage increase was 3.1%, with wage growth accelerating.

In Canada, living wages have risen sharply over the years According to the Consumer Price Index, Canada's inflation surpassed 5% for the first time in January 1991, an increase of 5.1% year-on-year. Statistics Canada says its labor force survey data will shed light on whether or not the average hourly wage increase will increase with inflation next month.

In February, Canada unveiled its Immigration Level Plan 2022-2024, which reveals that the government plans to increase the number of new permanent residents coming to Canada in the next three years.

Liam Dalley, an economist at the Canadian Conference Board, writes that the growth goal is to recognize the lack of labor in many sectors of the Canadian economy. Jobs were lost in Canada during the epidemic. In the midst of epidemic disruptions to international mobility, the government is increasingly dependent on the resettlement of permanent residents in Canada. While the status quo remains an important channel for immigration, many temporary workers are employed. In view of the urgent need to address the labor shortage, it is imperative that the government work for the landing of migrant Indians outside Canada.”

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