The Labour Force Survey (LFS) for August 2022 has been put out by Statistics Canada.
For the first time since data became available in 2015, there were fewer people out of work in Canada (989,00) than there were job vacancies (1,038,000). This is a huge announcement for job seekers, with more than one-third of big-league businesses thinking that hiring skilled workers would be difficult in the next three months. However, according to the LFS, 40,000 jobs were lost, and the unemployment rate rose by 0.5 percentage points to 5.4%. This is the first time in seven months that the unemployment rate has moved up.
Notably, employment dropped in British Columbia, Manitoba, and Nova Scotia, while it went up in Quebec. According to the survey, as of August 2022, 875,000 people in Canada’s labor force were immigrants. This was especially true in big cities like Toronto and Montreal.
Why are there so many jobs that aren’t filled? Why do immigrants do better in the job market?
Increasing numbers of Canadians are thinking about changing jobs. So, changing careers was still the most common reason people said they were leaving their jobs in August. But another factor is the number of Canadians who reach retirement age and leave the workforce. In August, it was clear that immigrants in Canada’s job market were doing well because of these two things.
What does this mean for people who want to immigrate?
As job openings and unemployment rates continue to rise, and as a disproportionate number of older people continue to live in Canada, immigrants may play a more prominent role in the labor market in the coming years if current trends continue. This year, Canada is expected to take in 431,000 new immigrants. As a result, for the first time, Canada is on track to take in more people through the PNP than through all of the Express Entry-managed programs put together.