Overall, unemployment in Canada declined 0.2 percentage points to 5.3 percent, the lowest level since comparable records began in 1976. Statistics Canada measures the unemployment rate as a percentage of the labour force. Provinces relaxed public health regulations throughout the reference week.
“With the unemployment rate at such a low level, practically every industry is experiencing labour shortages, including those in the hospitality business that has yet to recover fully,” says Nathan Janzen, Assistant Chief Economist at RBC Economics.
In March, total employment in Canada increased by 73,000, owing to increases in full-time jobs.
Since September 2021, employment growth has surpassed population growth. Since September, when Canada’s employment began to recover from the pandemic, employment has increased by 2.4 percent, compared to 0.8 percent for the population aged 15 and up.
The slow pace of population increase, along with numerous job vacancies and rapid employment growth, will almost certainly be used to justify allowing foreign workers to enter the country more easily. Opening the door to international talent is one method to mitigate downward labour market pressure.
This year, Canada plans to admit a new record number of permanent immigrants. Canada aims to welcome 431,645 newcomers in 2022, according to the Canada Immigration Plan 2022-2024.