Canada‘s unemployment rate fell into a record low of 5.2 per cent in April 2022, according to the data released by Statistics Canada. It means the rate fell down from the previous record of 5.3 per cent as in the previous month.
Unemployment rate among immigrants fall
The unemployment rate for the people in the age group of 25 to 54 is even lower, as it stands at 4.3 per cent. It is the lowest recorded unemployment rate ever. The unemployment rate among the immigrants also fell from 5.8 per cent in March to 5.5 per cent in April. The unemployment rate among immigrants who migrated to Canada in the last five years was 7.8 per cent, compared to 8.3 per cent in March. Among those who gained permanent residence between 5 to 10 years ago, the rate was 5.8 compared to 6.3 per cent in March. At the same time, the unemployment rate stood at 4.6 per cent among those who obtained permanent residence more than 10 years ago, as compared to 4.8 per cent recorded for this category in March. Overall, Canada had almost 800000 unfilled job vacancies in April 2022.
Canada to welcome more immigrants
In order to effectively address this labour shortage crisis, Canada is planning to welcome more immigrants in the coming few years, as per the Immigration Levels Plan 2022-24. Per year, Canada will be welcoming more than 430000 new immigrants during this period and the majority of these immigrants would enter the country through the economic class.
Canada Express Entry
Express Entry will play a major role in welcoming new economic class immigrants in the coming years, as the country is planning to resume Express Entry invitations through all immigration categories by early July this year. Canada is also planning to bring back the processing time for Express Entry applications to service standard of six months. In short, Express Entry will account for at least one third of Canada’s total immigrant admissions by 2024, as in the same year, 110000 immigrants would be welcomed through Express Entry.