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Unemployment rate in Canada recorded to be the lowest in history

Unemployment rate in Canada recorded to be the lowest in history

The unemployment rate among immigrants has hit a historic low in Canada in the past five years, according to the results of Statistics Canada’s Labour Force Survey held in March. The Survey captured the labour market conditions of Canada in the week starting from March 13 till 19. During this period, the provinces were easing COVID restrictions and proof-of-vaccination requirements were also lifted in Ontario, Manitoba, Alberta and Quebec.

Canada’s unemployment rate hits the lowest point

The unemployment rate of Canada fell by 0.2 percentage points to 5.3%, which is the lowest rate ever recorded. Unemployment rate is calculated by the number of unemployed people as a percentage of the labour force. The unemployment rate for core-aged immigrants who came to Canada in the last five years was 8.3%, which is also the lowest since 2006.

Even though the unemployment rate in Canada is low, the demand for workers is high in many industrial sectors, especially health and hospitality sector.

Rise in employment rate in Canada

In March, Canada’s total employment also rose by 73000. The rise in employment rate has outpaced the population growth of the country since September 2021. While employment has grown 2.4%, the rate of population growth was 0.8%. Canada is planning to welcome a high number of foreign workers in the coming years to balance this gap between population growth rate and employment rate. According to the Immigration Levels Plan of Canada for 2022-2024, Canada will be admitting a total of 431645 newcomers in the year 2022.


Why Canada needs immigrants?

As Canada’s natural population growth is low, the country is depending on immigration to sustain a healthy population growth level. According to Statistics Canada’s census of the year 2021, Canada is had the fastest growing population among G7 countries. According to the census, four out of five of the 1.8 million people added to the population between 2016 and 2021 were either temporary residents or immigrants holding PR visa.

The high demand for foreign workers in Canada means more opportunities for them to build a successful career in this country. Do you wish to migrate to Canada? Find your best options for Canada migration with the help of Canada immigration experts of CanApprove. Contact us now!

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