Canadian economy creates nearly one million jobs in June

The lifting of lockdown restrictions related to coronaviruses across the country triggered the start of Canada’s economic recovery. The unemployment rate continues to fall, with 953,000 people finding work in June.

Many Canadians and permanent residents have returned to work for their former employers, while others have started new jobs.

Between February and April, a total of 3 million people lost their jobs due to the closure, and another 2.5 million were absent from work for reasons related to coronaviruses, according to a Statistics Canada report released on Friday.

May saw a slow start to economic recovery, as 290,000 people returned to work. On this basis, the month of June helped ease low unemployment rates across the country, as employment increased by 953,000 people, a record.

In the past two months, the job market has recovered by 40%. More than 1.24 million people have found jobs after 3 million people lost their jobs at the start of the year.

Canada’s overall unemployment rate fell from 13.7% in May to 12.3% in June.

In addition, the report indicates that the participation rate has increased considerably in the past two months, reaching 63.8% in June. In comparison, it was 65.5% in February, before the restrictions related to coronaviruses.

The participation rate is the percentage of the population aged 15 and over who is part of the labor force.

This suggests that many people are now more optimistic about the potential of finding a job. Another factor may be the Canada Emergency Student Benefit (CSEC) obligation to actively seek employment. CSEC was introduced to alleviate financial hardship for students who may have been affected by coronavirus restrictions

In addition, the number of people working less than half their usual hours also decreased in June to 26.9% from 34.3%.

The increase in employment in all provinces is largely due to the relaxation of lock-in restrictions.

Employment in Ontario increased by 378,000 (or 5.9%), in Quebec by 248,000 (or 6.5%) and in British Columbia by 118,000 (or 5.4%).

As Canada reopens its economy, many Canadians and permanent residents have returned to work or have started looking for work.

In addition, Immigration, Refugees, and Citizenship Canada (IRCC) returned to normal in terms of Express Entry draws. The last draw was a draw from all programs. This means that candidates for the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Category (FSTP) were also considered.

Since travel restrictions were put in place to slow the spread of the coronavirus pandemic, IRCC had organized program-specific draws, alternating between draws from the Provincial Nominee Program (PNP) and Class D draws Canadian Experience (CEC).

The latest Canadian employment statistics are good news for these immigrants, as they can expect a stronger job market once they obtain PR.

Reference is taken from CIC News