Lowest immigrant Unemployment rate ever recorded in August

Unemployment
ASIFCONSULTING

Immigration becoming increasingly important to facilitate Canada’s labor force as more Canadians reach retirement age.

This year Canada has provided a huge opportunity for Unemployment potential job seekers as the (LSF)  Labour Force Survey of August 2022 released by statistics Canada has brought a new revelation.

For the first time in Canada’s history since data became available in 2015, the number of jobs available exceeds the number of unemployed people. There are currently  (989,000) unemployed people while there are (1,038,000) job vacancies available and this predicament has caused the unemployment rate of the nation to rise up to 5.4%, the first rise experienced by Canada in 7 months.

The unemployment rate was especially high in the provinces of British Columbia, Manitoba, and Nova Scotia, while  Quebec had a rise in employment.

Immigrant employment

It is shown by statistics Canada that the immigrant unemployment rate has reached the lowest ever recorded in August since 2006. The immigrant unemployment rate has reached an all-time low of only 7.6% and it is recorded through surveys that there were 875,000 thousand immigrant workers in the Canadas workforce following August 2022 disproportionally so in Toronto and Montreal which are metropolitan centers.

Causes of high job vacancies and immigrants being given more employment in the workforce

Since January 2022 there have been many Canadians wanting a change in their jobs and at the time 6.4% of the permanent employees (as stated by the LSF) were planning on leaving their jobs within the next 12 months and by August 2022 this percentage had increased up to 11.9%, so it can be said that the prospect of changing Career was a popular reason for planning to leave jobs in August.

Moreover, another factor causing this change was that many Canadians had reached their retirement age. It is estimated by statistics Canada that approximately 307,000 Canadians retired from their jobs in August and with the aging population comprising a larger portion of Canada’s overall population more similar problems are likely to arise in the future.

Both these factors cause Canadians to leave the workforce, which has led to the success of immigrants as viable replacements for the Canadians who left in order to decrease the unemployment rate of the country.

EFFECTS ON FUTURE IMMIGRATION HOPEFULS

As the unemployment rate rises more with the aging citizens continuing to retire immigrants will be given more opportunities to become part of the Canadian workforce giving them a larger role to play in the growth of the labor force.

The attempts of Canada to solve its growing unemployment rate problem through entering immigrant workers into their workforce have made Canada’s economic immigration streams remain by far the most popular which in turn has made Express Entry managed programs like (FSWP) Federal Skilled Workers Program, (FSTP) Federal Skilled Trades Program, and the (CEC) Canadian Experience Class, along with the (PNP) Provincial Nominee Program more popular as well.

It is estimated that Canada will welcome around 431,00 immigrants this year and for the first time a majority of these immigrant candidates will be PNP program applicants instead of Express Entry program applicants.

Lowest immigrant unemployment rate ever recorded in August

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