Canada Added 27,000 Jobs In May 🇨🇦 💼

Canada Added 27,000 Jobs In May, New Report Finds

🇨🇦 What Happened
In May 2024, the Labour Force Survey showed that employment increased by 27,000 jobs. However, the employment rate dropped by 0.1 percentage points to 61.3%. Unemployment rose to 6.2%, a 0.1 percent increase from April and a 0.9 percent rise from last year.

🧳 Why it’s Happening 
Employment changes reflect shifts in the job market. Young women and older women saw job increases, while core-aged women and young men experienced declines. Industries such as health care, finance, and support services grew, while full-time employment decreased. 

The rise in part-time jobs (+62,000) and the involuntary part-time rate (18.2%) indicates more people working part-time due to lack of full-time opportunities. Student employment, especially for male students, also dropped significantly.

🤔 Why it Matters
Understanding employment trends helps government devise policies that address economic and social issues. Wage growth (5.1%) and stable total work hours are positive, but returning students highlights ongoing challenges. Addressing these issues can lead to a stronger, more inclusive job market.

TRENDING NEWS

• Low unemployment and limits on temporary residents will affect hospitality and retail sectors. With fewer non-permanent residents, these industries will struggle to hire workers despite higher wages, which could lead to increased job vacancies and wage growth, but not enough to significantly increase inflation. Read more

• Canada is consulting provinces on new criteria and cap limits on Post Graduate Work Permits to offset a 70% increase in study permits in 2022 and balance labour market needs. Read more

• The Federal government offered Quebec $750 million, not the $1 billion requested, to support temporary immigrants - a decision which Premier Legault accepted. Quebec aims to reduce asylum seekers and cut work permit wait times. Read more

• The Alberta Advantage Immigration Program has new guidelines to handle high demand and processing times. Applicants now have multiple opportunities to apply throughout the year for provincial nomination certificates. Read more

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