Unemployment rate continues to drop into October 2021
Canada is continuing to recover from the effects of the pandemic, the new Labour Force Survey suggests. In contrast to the USA, where a “Great Resignation” has put them 1.7% below their pre pandemic labour participation rate, Canada’s adjusted rate sits at only 0.3% below pre pandemic levels.
Employment and Unemployment
Employment rates among very recent immigrants (71%), Latin American Canadians (up 5.2% to 75.7%), and Phillipino Canadians (up 2.3% to 80.2%) all remain high. The employment rate for Canada as a whole sits at 61.0%, slightly higher than last month.
Canada’s unemployment rate fell 0.2% to 6.7%. It now sits at only 1.0% lower than in February 2020. The adjusted employment rate, including people who wanted a job but weren’t looking for one, is at it’s lowest level since the pandemic started (8.7%).
Changes in job growth
Ontario added the most new jobs in October (37,000) and has added 353,000 since May 2021. The biggest job losses were in Saskatchewan (-6,500) and Manitoba (-3,100).
Canada as a whole added 31,200 jobs in October. Furthermore, this represents an increase of 36,400 full time jobs. However, this also includes a loss of 5,200 part time jobs. The biggest job gains were in wholesale and retail trade (80,500) while the biggest job losses were in accommodation and food services (-27,000).
Average wages increasing across Canada
Total hours worked are up 1.0% in October and are currently only 0.6% below pre pandemic levels. There are 100,000 less people working less than half their regular hours, but this number is still 14.5% higher than in February 2020. Lastly, average wages are up 5.1% (+$1.43 to $29.49) over the last 2 years.
Looking for more?
If you want to know more about the labour changes in October 2021, check out the Government of Canada’s Labour Force Survey for this month. Additionally, graphs for Labour Force Characteristics over the last 5 months and an Interactive app are available as well.
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