March 8, 2023
By Shelby Thevenot
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Canada gained 41,000 jobs in February, according to Statistics Canada's latest Labour Force Survey. The unemployment rate ticked back up to 5.8%, offsetting the decline in January.
Key Takeaways for Anyone Considering Moving To Canada:
- Population growth is currently outpacing the rate of job growth. This means more people are arriving in Canada than there are jobs being created. As a result, it is likely that some workers will experience more difficulties finding work in the current market conditions.
- Labour market conditions are more challenging for young workers at the moment. There has been a steady decline in the number of workers aged 15-24 since February 2023. Initially female youth were predominantly impacted, however, rates of male participation have been dropping since June 2023 too. Younger IEC participants may have a slightly harder time finding employment if these labour market conditions persist.
- Manitoba’s unemployment rate is the lowest among the provinces, at 4.5%. Newcomers who are finding it challenging to find work might look to Manitoba since there is stronger demand for workers in this province, particularly in the construction sector.
- The average hourly wage increased to $34.82, reflecting the increasing cost of living in Canada.
Check your eligibility for more than 20 different Canadian immigration programs by taking Moving2Canada’s free Canada Immigration Quiz.
Digging Deeper: What’s Driving The Labour Market in Canada
The increase in employment in February doubled the predictions of economists.
However, these results are being flattened by population gains growing faster than employment.
Furthermore, Canada’s strong population growth appears to be offsetting some of the effects of high interest rates, which are slowing down the Canadian economy. With high interest rates, consumers are spending less, causing sales for businesses to lag.
Employment growth in Canada this past February was spurred by gains in accommodation and food services and professional, scientific, and technical services. Declines were felt in educational services and manufacturing.
Homing in on the economics of the labour market, average wages (in terms of hourly rate) increased to $34.82 in February 2024, which is a 5% year-over-year increase. The increases are in response to inflation, not the job market itself.
The Bank of Canada held is holding its key interest rate steady, according to its March update, keeping it at 5%
It also released the quarterly Monetary Policy Report in January, noting that:
- Inflation is likely to remain at 3% through the first half of 2024.
- Businesses have reduced hiring and investment.
- Economic growth will likely remain weak until the second half of 2024.
The Labour Force Survey reported on here captures Canada’s labour market conditions for the week of February 11 – 24, 2024.
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Saskatchewan Labour Market Report: International Recruitment is One of Three Pillars
Another notable release this month is Saskatchewan’s Labour Market Report. The province noted that International Recruitment is one of three pillars for success (the others being skills recognition, and preparing the Saskatchewan population for jobs).
The report noted that nearly 179,000 newcomers from 186 countries arrived in 455 communities in Saskatchewan from 2007 to 2002.
The report also notes that Saskatchewan’s unemployment rate for new immigrants is lower than the national average. The province experiences a 6.9% unemployment rate for new immigrants aged 25-55, compared to the national average of 7.7% (based on 2022 figures).
This is potentially at least partially attributable to Saskatchewan’s annual investment of $14.4 million to support and retain newcomers, through pre-arrival and planning support, language training, employment assistance, and community-based organization referrals. Newcomer participation in these programs increased 140% between 2021 and 2023.
The report also reiterates that Saskatchewan is emphasising in-demand occupations in its recruitment efforts (via the Saskatchewan PNP).
The report finally notes the skills it anticipates it will need for a future-ready labour force, it includes critical skills in the following industries:
- Energy production workers.
- Mining and minerals.
- Manufacturing.
- Agriculture.
- Technology.
You can read more about the Saskatchewan Labour Market Report.
Expert resources to help immigrants get jobs in Canada
Canada’s job market provides a wealth of opportunity for newcomers, but it is only that — an opportunity.
To take full advantage, recent and prospective immigrants can leverage free government-funded resources and programs. We recently partnered with Canada InfoNet, a government-funded pre-arrival employment support program, to bring you two expert guides on transitioning to a career in Canada:
The outlook on Canadian construction and infrastructure
Ruairi Spillaine, Outpost Recruitment and Moving2Canada founder, analyzes what’s happening in the construction sector in Canada.
“Rising interest rates along with cost escalations are strongly impacting commercial and residential construction projects. The finanical challenges facing the residential sector come despite an acute need for additional homes from coast to coast. Public funded projects continue to move forward with budget restrictions, with increased investment across education, healthcare, transportation and energy.“
If you are interested in working in Canada’s construction sector, Outpost helps motivated candidates find suitable jobs in Canada.
The agency works with general contractors, subcontractors, developers, and consultants who are hiring across senior management, operations, project management, site, design, quality, and commercial personnel.
Outpost Recruitment is actively looking for candidates for projects across Canada. View the latest job postings here.
How to take advantage in Canada’s job market
The Moving2Canada team has a special feature for people who want to get a job in Canada or accelerate their career here. Readers can now opt in to hear from recruiters and employers we partner with and upload a resume to their account, all for free.
- If you already have a Moving2Canada account, sign in here and complete or update your profile to hear about job opportunities.
- If you don’t already have a Moving2Canada account, please register here and complete your profile.
We’re excited to help more newcomers and people wishing to move to Canada in their career goals.
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How to get a job in Canada
If you’re looking for a job in Canada here are some steps you can take to land that sweet, sweet Canadian job offer.
- Get your resume in good shape. This crucial step is often left down the list of job seekers’ priorities, despite being arguably the most important step of all. Read our Canadian resume guide to get going.
- Start looking at open opportunities. Some companies are still hiring. Don’t believe us? Head over to our Jobs Board, populated daily with new positions across Canada.
- Build your network. You can assemble a team to help you in your job search. With ongoing physical distancing and travel restrictions, technology is your friend here. Read our networking guide, written by award-winning entrepreneur Ruairi Spillane, for expert advice.
Here’s a popular webinar from recruitment expert and Moving2Canada founder, Ruairi Spillane, about how to create the best resume for the Canadian jobs market:
New and improved Jobs Board
We have worked hard over recent weeks to ramp up the number and range of job postings on our Jobs Board.
We also have a number of other resources for helping you find your career in Canada. You’ll find broad-stroke information that will arm you with the knowledge you need to succeed, as well as industry-specific insights into finding jobs by industry, such as teaching.
Don’t forget to complete or update your Moving2Canada profile to hear about job opportunities in your industry in Canada!
Want to dig deeper into the Canada Jobs Report data? Try these interactive tools, courtesy of StatsCan.
Let your job search soar with Moving2Canada's help
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