A new record in Canada unemployment rate of 5.1% reached in May 2022

News Highlights

• Canada’s unemployment rate fell to 5.1%, an all-time record, in May 2022.
• This was a steady improvement from April 2022 when the rate was 5.2%.
• The latest statistics indicate a tightening Canadian job market.

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Unemployment rate in Canada

Skilled foreign nationals must look at Canada unemployment rate from the Labor Force Survey Report which revealed all-time low unemployment of 5.1% in May 2022. This was steady progress from April 2022, a month that registered an unemployment rate of 5.2%. This indicates that the Canadian labor market has tightened even further, opening even more opportunities for skilled foreign workers arriving to work in Canada.

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Here are more significant revelations from the Labor Force Survey Report:

• In May 2022, Canada’s employment rose by 40,000, leading to a dip in unemployment to the rate of 5.1%.
• This rate of unemployment was steady progress made by Canada compared to 5.2% in April 2022.
• In May 2022, Canada achieved the lowest unemployment rate in its history.
• Growth in the rate of full-time work among the youth and women of the core age group (ages 25 – 54) by 3.1% led to more employment in several industrial sectors. The percentage was calculated on a year-over-year basis. The rate of growth was 84.6%.
• Average hourly wages also increased by 3.9% on a year-over-year basis.
• The adjusted unemployment rate fell 0.2% to reach 7% in May 2022. This too is the lowest rate of adjusted unemployment on record since 1976, the year in which comparable data became available.
• The number of employees working in Canada’s public sector grew by 108,000 in May 2022. These were people working in healthcare, education, and social assistance areas.
• The fall in the number of people working in the manufacturing sector largely contributed to the fall in the number of employees in the private sector by 95,000.
• The rate of long-term unemployment stood steady at 19.7% of total unemployment. In April 2022, this was 20.6%.
• The overall labor force participation rate was at 65.3% in May 2022. This rate is indicative of the proportion of the population with a minimum age of 15 consisting of employed/unemployed individuals.

The sector-wise growth in employment in May 2022 was as follows:

A province-wise examination revealed this information:

Employment in Atlantic Provinces

In the Atlantic provinces of Alberta, Prince Edward Island, and Newfoundland & Labrador, here’s how employment rates went:

In Quebec, the rate of employment stayed at the same level as the earlier month. A major reason for this was the growth in full-time jobs that was offset by the slump in part-time occupations.

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Canada Vs US comparison

After adjusting Canadian employment data to concepts prevalent in the US, the comparison of employment/unemployment rates reveals the following data from May 2022:

So, it’s time for skilled foreigners to explore their opportunities, migrate to Canada and join the Canadian workforce as there’s a huge requirement for workers.

If you are willing to work in Canada, talk to Y-Axis, the leading immigration and career consultant in the UAE.

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