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Unemployment rate in Canada hits 20-months low

Unemployment rate in Canada

The unemployment rate in Canada fell to 6.7 per cent in October, the lowest recorded rate in the past 20 months. The unemployment rate is now just one percentage point above the pre-pandemic levels, when the rate was 5.7 per cent. Employment grew by 31000 across Canada in October, and the highest rise was recorded in industries including retail trade, where 72000 jobs were reported.

Employment was also found to have risen in the core working age group of 25-54, that too in full-time work. For the men in this age group, employment has returned to pre-pandemic levels. At the same time, employment is 98000 higher for women in the same age-group compared to pre-pandemic days.

Highest rise in employment levels in Ontario, BC

The highest rise in employment levels was reported in provinces including Ontario, British Columbia and New Brunswick. In October, Ontario gained 37000 new jobs. Ontario is witnessing a rise in job vacancies for the sixth consecutive month. Since May, the province has gained a whopping 353000 jobs in total. The employment rate of Ontario remains the highest at 7 per cent. The gains were mainly reported in service industries, mainly retail trade. A total of 10400 new jobs were added by British Columbia. In the province, full-time employment is increasing and part-time jobs are decreasing. In New Brunswick, there was an increase of 3000 new jobs.

The provinces that witnessed the lowest unemployment rates in October were Manitoba, British Columbia and Quebec.

Increase in jobs by industry

The highest number of new jobs was added in the retail trade sector, 72000 in total. In this industry sector, employment rate has returned to pre-pandemic levels for the first time since March 2021. The other industries which witnessed a rise in employment were information, culture and recreation.

Canadian economy is bouncing back from the impact of the pandemic and there is a high number of job vacancies in different industry sectors. The country has high demand for skilled and experienced workers. Do you wish to migrate to Canada? Connect with CanApprove and find your best of options for starting a new life in Canada. Contact us now.

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