Canada's unemployment remained record low in the month of July, just as in the month of June. At the same time, employment in Canada has decreased by 31000 jobs. The record-low unemployment, combined with more than one million job vacancies indicates that Canada still has a tight labour market. The demand for workers is still quite high in Canada. The number of job vacancies is high but the number of workers to fill these vacancies is low. Canada's unemployment rate is the lowest in the last 50 years and the wages are running strong. However, employers are finding it hard to recruit employees, which has affected the growth of the Canadian economy.
In a survey conducted by the Business Council of Canada (BCC) recently, two third of the businesses which took part wanted to use the immigration system of the country, to find more employees. Majority of the employers think that Canada must increase the number of permanent residents accepted by the country each year. Canada is planning to welcome 431645 new permanent residents in 2022. In 2023, the target is 447055 and in 2024, a total of 451000 new permanent residents will be admitted by Canada, as per the Immigration Levels Plan of the country from 2022-24.
Computer, engineering and information technology are some of the industries where majority of skill shortages occur. Employers are also finding it difficult to find employees in skilled trades such as plumbers, electricians and construction labourers. 80% of the respondents to the survey said they were having problems in finding staff with the right skills. Among the provinces, Ontario, Quebec and British Columbia are the most affected by labour shortage.
Low population growth is another factor why Canada needs more immigrants. Canada has low birthrate and the population is aging fast. So, Canada needs more immigrants of young age, who would be able to contribute to the growth of Canadian economy by working, paying taxes and spending in the market.
Hope you got insights on Canada's unemployment rate!
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