Labor Market Slowly Recovering With More Jobs Added To The Economy
The lockdown because of the coronavirus pandemic caused significant problems for the economy and the labor market. Many people lost their jobs at a time when they needed it the most. The Canadian government has been trying to offer assistance to everyone in need but the main priority is to restart the economy and add more jobs.
Since June, Canada has been successfully adding more jobs every month. More than 378,000 jobs were created in Canada in the period between August and September helping a lot of people to get back on their feet.
How did October turn out?
October has been yet another successful month for the country with the creation of another 84,000 jobs. While the employment growth rate has been lower in comparison to the other months, it does not take away from the importance of this achievement. The slight rise in the number of COVID-19 cases in October led the country to impose more restrictions which is one of the primary reasons why the employment growth has been slow.
The recent Labor Force Survey published by Statistics Canada found that the number of self-employed workers has gone up by 33,000 for the very first time since the beginning of the pandemic. This survey found, however, that the unemployment rate really did not change much in October. While it was 9% in September, the unemployment rate became 8.9% in October.
Many Canadian provinces experienced a rise in employment including Ontario, Alberta, British Columbia and more. Women between 25 and 54 seemed to benefit the most from the increase in employment.