Employment Update in Canada
Employment numbers have significantly improved since last year and is starting to see a more consistent upward trend as the provincial governments ease restrictions and more than half of Canadians are fully vaccinated.
The Canadian economy added 230,700 part-time jobs in June, pushing down the unemployment rate.
Although the government is still being extremely cautious with the development of the pandemic, there’s no doubt that the job market is looking significantly better than it has over the past almost two years.
Statistics Canada confirmed that employment rose by 231,000 in June, following a cumulative decline of 275,000 over the previous two months. Here are some other findings from the June 2021 Labour Force Survey:
1. Recent employment growth was entirely in part-time work, concentrating on the younger demographic of workers aged 15 to 24.
2. The total unemployment rate was 7.8%, down from 8.2% in May but still slightly higher than the predicted June rate of 7.7%. The number of people in the labour force increased by 0.8% and the total number of unemployed Canadians fell by 3.7%.
3. As expected, employment rose the most in industries providing in-person services as restrictions are lifted. The number of people working in accommodation and food services rose by 11.8% and retail trade rose 3.4%. However, the goods-producing industries saw a decline, with construction falling by 1.6% and natural resources by 2.9%.
4. Following two months of decline, the number of private sector employees rose by 2.1% in June but that number is still 2.5% lower than in February 2020.
5. Employment conditions improved for students and youth workers during the summer months. By June, the employment rate for these workers increased to 67.5% which is roughly equal to the historical average of 68% for the month of June.
6. It’s important to note that current employment rate remains below pre-pandemic levels. Total employment was 340,000 lower in June than February 2020 and the employment rate was 1.7% lower.
While the employment numbers are seeing an increase and analysts are hopeful for this continued momentum, it’s important to remain cautious about the development of the pandemic and the job market to continue on this trajectory.
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