Canada records all time high unemployment again

18Oct

Canada is now one of the top countries to employ immigrants. The Canada has the strongest economy which is growing much faster when it is compared to rest of the world.

  • Canada’s economy unexpectedly lost a net 30,600 jobs in July as the public sector contracted, while the unemployment rate stayed at a record low 4.9%, Statistics Canada data indicated.
  • The total number of unemployed people held steady at one million in July. In addition, 426,000 people wanted a job but did not look for one, and therefore did not meet the definition of unemployed.
  • Between May 2021 and May 2022, the economy added a hefty 1.06 million jobs as the recovery from COVID-19 took hold.
  • The adjusted unemployment rate—which accounts for this source of potential labour supply—remained at 6.8%, the lowest rate since comparable data first became available in 1997.
  • The unemployment rate in Canada eased to 5.2% in September of 2022 from 5.4% in the previous month, beating market expectations of 5.4% and signaling that the Canadian labor market remains tight.
  • The average hourly wages of permanent employees – a figure the Bank of Canada watches closely – rose by 5.4% from July 2021, down from the 5.6% year-on-year increase seen in June but sharply higher than the 2.4% seen at the start of the year.

Reasons for Increased unemployment in Canada:

  • Increased Interest rate :The central bank last month surprised markets by raising its main interest rate by 100 basis points in a bid to crush inflation, and said more hikes would be needed.
  • High inflation during recovery period post covid hit
  • Economic slowdown as a result of increased interest rates and inflation
  • Low demand in the job market by many high-profile companies as they are cutting jobs or suspending their hiring plans. Shopify Inc. said last week it was laying off about 10 per cent of its work force, largely because e-commerce sales aren’t growing as quickly as projected.
  • Low supply of eligible workers – A concern for companies is that the supply of workers is dwindling. The labour force participation rate – the proportion of people either working or searching for a job – has fallen to 64.7 per cent in July from 65.3 per cent in May. Participation rates have fallen in all age brackets.
  • Uncertainty in the macro environment definitely has the potential to really hit the job numbers
  • Fear of recession among the companies to have hiring plans due to slump in the sales and demand.
  • Higher proportion of seasonal industries – a higher proportion of population in smaller, more isolated communities, making jobs harder to match up with potential workers.
  • Replacement of labour by technology in Canada than in the United States

How to get job in Canada?

Getting a job in Canada for a foreign immigrant requires some work permits. The work permit for Global Talent with high-wage employment is extended from 2 years to 3 years. There are no limitations for low-wage foreign worker positions, and employers will fill in these through TFWP.

In Canada, new rules for Canada’s foreign workers will be implemented by April 30, 2022.

  • The validity period for a foreign worker to be an employer’s staff.
  • The Trade sector regions with 6% or more unemployment rates will fill in the low wage occupations with fewer denials.

Canada’s New Immigration Levels Plan 2022-2024 :

The highlights include

  • On the whole, admissions will account for 1.14% of the Canadian population by 2024.
  • Long-term focus on the country’s economic growth allows 60% of immigrants through Economic Class.
  • Special procedures for granting permanent residence to refugee claimants working in health care sectors, especially during the pandemic.
  • Support for global crises by providing a safe environment through humanitarian immigration
  • Talent acquisition of those already in Canada by granting permanent residency status to temporary residents migrated through the time-limited pathways for essential workers.
  • Recognizing the importance of family reunification helps maintain the 12-month processing standard for spouses and children.

 

 

 

 

Novaturient is a Licensed Immigration consultant that offer Visa services in acquiring Permanent Resident Visa, Student Visa and Visit Visa for countries such as Australia, Canada, New Zealand, Schengen Countries and the UK.

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Novaturient is a Licensed Immigration consultant that offer Visa services in acquiring Permanent Resident Visa, Student Visa and Visit Visa for countries such as Australia, Canada, New Zealand, Schengen Countries and the UK.

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