Canada added 35,000 jobs in March, indicating improvement in the country’s employment situation. The unemployment rate in Canada decreased to 5 percent due to the addition of new jobs in March. Public sector employment remains stable while private sector experiences growth and decline in certain industries.
Finance, insurance, and transportation industries saw significant employment growth in March.
Construction and natural resources industries experienced a decline in employment, according to Statistics Canada.
The figure remains close to the record low for the fourth consecutive month. The latest job creation is a significant increase compared to February’s little change (up 22,000). In December 2021, Canada added 69,000 jobs to its economy.
The following month, in January 2022, the number of jobs added surged to 150,000.
According to Royce Mendes, an analyst with the Desjardins Group, the March job creation outcome was a stronger result than anticipated, with the consensus of forecasters expecting only a modest increase in employment.
Private Sector Job Growth
Job growth in Canada was mainly seen in the private sector.
Public sector and self-employment job rates remained stable. Employment growth in transportation, finance, and insurance sectors.
Decline in employment for construction and natural resources industries.
Strong job market in private sector, stable in public sector and self-employed.
Rise in Average Hourly Wage
The average hourly wage for Canadian employees increased by over 5 percent, reaching CAD$33.12 (US$24.56) in March. Increase in average hourly wage is positive for workers
Higher wages indicate potential increase in purchasing power
Increased spending and economic growth may result from higher wages
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Low Unemployment Rate
Canadian unemployment rate remains stable at 5%, near record low of 4.9% in June and July 2021
Most of the unemployed had been out of work for 13 weeks or less, indicating low levels of long-term unemployment
Proportion of long-term unemployed decreased to 16% from 20.3% a year earlier, signaling positive trends in employment
Industry-wise Employment Trend
The transportation industry in Canada has experienced strong employment growth, mainly due to the increased demand for transportation services amid the COVID-19 pandemic.
The finance and insurance sector has also witnessed a surge in employment, indicating a potential increase in financial services’ demand.
However, the construction and natural resources industries have faced a decline in employment, likely due to the ongoing economic uncertainty caused by the pandemic.