In spite of the current population growth in Canada, the country’s economy added 35,000 jobs in March 2023. Due to this, the unemployment rate in Canada has kept steady near record lows.
Statistics Canada’s latest labor force survey shows the unemployment rate is at 5%. The recent report made it the fourth consecutive month that the unemployment rate is at this low level.
Canadian Visa Expert reported that the job gains were mainly in the private sector. Specifically, employment increased in business, transportation and warehousing, building, and other support services. Other sectors with Canadian job gains were real estate, rental and leasing, and finance.
Current Situation of Canada's Labor Market
According to Statistics Canada, the Canadian population grew by 0.3% in March. On the other hand, employment increased by 0.2%. Brendon Bernard, a senior economist, stated that the 5% unemployment rate reflects that Canada’s job market remains in solid shape.
The steady unemployment rate in Canada means the country’s labor market has been tight for months, said Canadian Visa Expert. This is quite remarkable, as high-interest rates have been increasing the cost of borrowing for businesses and individuals.
In March, wages rose higher as business owners maintained their hiring appetite. As a result, the average hourly wages have increased by 5.3% on an annual basis.
Job Gains in Canada in Recent Times
In March this year, Canada’s economy gained about 35,000 jobs. The Canadian job gains were seen in sectors like finance, business, transportation, etc. In all, Canada’s labor market is doing well.