Almost a quarter-million new jobs were added to the Canadian job market in August 2020, building on job growth over recent months that has seen nearly two million jobs added since May 2020.
More Canadians are now returning to work despite the coronavirus pandemic as Canada’s economic recovery is now on uptrend. As public health regulations begin to ease around the country, and businesses and workplaces are reopening, more workers — including immigrants — are seeking as well as finding employment in all major Canadian cities. Canada’s national unemployment rate dropped to 10.2 per cent, down from 10.9 per cent last month. Besides, more people work longer hours, thereby increasing their income. However, more people are now back to work.
Out of the 246,000 new jobs added in August, 206,000 jobs were in full-time work, showing increased confidence among employers. Full-time employment currently stands at 93.9 percent of pre-pandemic levels compared to 96.1 percent for part-time work. The pace of job recovery is also increasing. Employment increased by 246,000 in August, compared to stats of July. In May and June, together, 1.2 million new jobs were added to the Canadian economy.
More immigrants are now seeking employment in Canada. Statistics Canada estimates that the job rate for very recent immigrants (those who landed less than five years ago) is now similar to pre-pandemic levels with immigrants who landed more than five years ago.
Every Canadian province have added new full time jobs in August. Ontario added 142,000 new jobs, nearly all in full-time work, and the unemployment rate fell by 0.7 percentage points to 10.6%, while Toronto added 121,000 jobs and reached 93.3% of its pre-pandemic level. Quebec added nearly 54,000 jobs full-time work, and the unemployment rate fell by 0.8 percentage points to 8.7%. Employment in Montreal grew by 38,000 in August and reached 96.0% of its pre-pandemic level.
The province of British Columbia increased employment opportunities in the province by creating 15,000 new jobs, due to which unemployment rate in the province fell 0.4 percentage points to 10.7% in August. Nova Scotia reported the largest jobs increase up by 7,200. Simultaneously, the unemployment rates in Prince Edward Island and Newfoundland are down again, to 10.7% and 13.1%, respectively.
The employment rate is defined as the number of individuals employed by a proportion of the population aged 15 years and over. In contrast, the unemployment rate is defined as unemployed persons expressed as a percentage of the labour force.
Therefore, the unemployment rate and employment rate together do not necessarily add up to 100.
Fortunately, Yes! As more businesses and services reopen, the regional economies will gradually continue to rebound as anticipated. It is expected that more people laid off in the earlier months of the pandemic will return to work.
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