Job vacancy rate in Canada, especially in the healthcare and social services sectors, rose sharply to 143000 vacancies or 6.1% in May 2022, according to the monthly payroll employment, earnings, hours and job vacancy report released by Statistics Canada. The vacancy rate was 5.4% and 20% higher than it was in May 2021.Nova Scotia and Manitoba had job vacancy rates above 10% in May. The accommodation and food services sector in these provinces reported 161000 job vacancies. This is the 13th consecutive month in which these sectors are reporting highest number of job vacancies.
More than one million jobs vacant in Canada. It means around 300000 more compared to May 2021. The high job vacancy rate, combined with the low unemployment rate as shown in the Labour Force Survey report of May 2022 indicates increasing labour shortage in many sectors and high demand for immigrant workers, as a significant portion of the Canadian workforce is fast approaching their retirement age. Considering these factors, Canada has raised the annual immigration target and in 2022, the country is planning to welcome more than 430000 new immigrants. The country has set even higher targets for the coming years and in 2024, Canada will be admitting 450000 new immigrants.
Significantly, the average weekly earnings of Canadian workers have also increased. The biggest increase in weekly earnings in the month of May occurred in retail trade, and it has increased by 9.3% compared to the same period in 2021. Wages in the professional, scientific and technical services increased by up to 8.1%.
Canada is facing a severe labour shortage crisis in the post-pandemic period and the demand for immigrant workers is greater than ever. Canada has low population growth rate owing to low natural birthrate and a population which is aging fast. The number of those who are in the employable age is also low in the country. So Canada depends on immigration for meeting its demographic and labour market needs. For who have the right skills and qualifications, opportunities are numerous in Canada.
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