Over One Million Jobs in Canada Remain Unfilled
Job vacancies, which is an economic indicator, continue to rise in Canada. As of May 2022, Statistics Canada reported that over one million job openings are available in the country.
According to the Bank of Canada, these unfilled positions signify the term “excess demand”. As a result of this phenomenon, businesses are struggling to hire the adequate number of people needed for their smooth operations. Thus, the Canadian economy is finding it difficult to supply all the goods and services which consumers desire to purchase.
The movement of immigrants into the country will in no small way help ease this issue, said a researcher at Canadian Visa Expert.
Increasing Job Vacancies and Higher Inflation Pressure
From reports, the mismatch between employees and consumer demands for goods and services is one of the factors responsible for inflation in Canada. This key factor and others have caused inflation to climb to the highest level in the past four decades.
The result of over a million vacant job positions in Canada’s economy has led to an action by the Bank of Canada governor. According to Canadian Visa Expert, the Bank of Canada’s governor, Tiff Macklem, raised the benchmark interest rate by a percentage point to help combat inflation. This action was taken earlier in July.
Provinces of Canada with Recent High Job Openings
In May, Nova Scotia and Manitoba recorded higher job vacancies than the previous months. The food and accommodation industries had the highest vacant positions in these provinces. According to Canadian Visa Expert, immigrants should look into these regions.