Never in recorded history has Canada boasted an unemployment rate of less than five percent, but it’s getting mighty close right now.
The latest official statistics, released in StatsCan’s Labour Force Survey, reveal an unemployment rate of 5.2 percent in Canada’s job market after the addition of an estimated 15,300 net new jobs in April.
These April job gains followed much larger gains through February and March, totalling 409,000 new jobs.
A shrinking labour pool and overheating job market is generally good for workers, as there is a healthy supply of work and a labour shortage. This gives workers more leverage as they seek gainful employment.
Newcomers to Canada, who have enjoyed historically low unemployment over recent months, generally fall into the “core age” category of workers aged 25 to 54. The unemployment rate for these workers is now just 4.3 percent, the lowest recorded rate since comparable data became available in 1976.
Employment is generally holding steady across services- and goods-producing sectors. Employment in professional, scientific and technical services increased faster than in the economy as a whole last month, as did employment in public administration. Retail and construction were down slightly after months of consecutive growth.
The latest report shines a spotlight on some aspects of Canada’s job market. For example, 24.5% percent of workers now earn at least $40 per hour, up from 18% in 2019.
Also, the working-from-home cohort is shrinking in Canada’s job market as more workers return to offices and other job sites. In April, 19% of workers usually worked exclusively from home, down from 24.3% in January.
People considering a move to Canada can consult this guide to identify an appropriate immigration pathway.