Canada’s Unemployment Rates and Job Market Outlook

Canada’s Unemployment Rates and Job Market Outlook

The most recent Statistics Canada Labour Force Survey report released in February 2018 shows the unemployment rate for Canada on a downward trend, with overall Canada wide unemployment rate of 5.9%.

This reflects a slight increase of 0.1 percentage points compared with December 2017. However, the overall trend shows a progressive increase in employment and decline in unemployment rates, with December 2017 being the lowest unemployment rate on record since this data started being tracked in 1976.

Over the last month, there was a net decrease in job creation by 88,000 jobs in January mostly due to a decline in part-time employment, with these jobs falling by 137,000.

Of this, 51,000 was attributable to part-time job losses in Ontario, raising questions of a possible link between the recent minimum wage hike in the province and part-time job losses. Ontario increased its minimum wage by $2.40 per hour to $14 per hour at the start of the year.

Full-time employment trends saw an increase in overall full-time employment by 49,000 jobs. Thus adding to the year-over-year 2.8% or 414,000 increase in full-time employment.

Overall, employment trends show a positive outlook on job creation and availability for the 310,000 new immigrants that Canada plans to grant permanent residence in 2018.

Provincial Employment Data

Provincial unemployment rates show British Colombia with the lowest unemployment rate in the country at 4.8 per cent. Saskatchewan and Quebec followed closely with 5.4 per cent unemployment rates.

The maritime provinces recorded the highest unemployment rates, with the highest being the province of Newfoundland and Labrador at 14 per cent.

For potential immigrants, deciding on a province to settle, work and raise your family will depend on several factors – with employment prospects being an important one. Keeping abreast of these trends should prove helpful in guiding your settlement decisions.  Of course, your decision will be significantly impacted by the immigration programs, for example, Provincial Nominee Programs that you qualify for.

Find out your eligibility to immigrate to Canada under Express Entry by completing our free assessment. One of our immigration specialists will evaluate your immigration options for Canada.

Have questions about your immigration options or which Provincial Nominee Program you qualify for? Contact us or book a one on one consultation with an immigration specialist today.

The Team at Northern Connections Canada Immigration