Canada’s unemployment rate is 5%; 1.5 lakh jobs created in Jan.

Labour force participation has risen to 65.7%

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While experts had predicted that Canada unemployment rate will go up to 5.1 per cent, the country’s economy has done better than expected. It create 1,50,000 jobs in January, with the majority being full-time work. This is way more than was expected. In comparison, December 2022 saw 70,000 jobs being added.

The open immigration policy has resulted in growth in population. Students, temporary employees as well as other residents who are not permanent, are getting more jobs.

The labour force participation rate has gone up to 65.7 per cent, that is, 0.3 percentage points. This is because, the labour force expanded by 1,53,000, or 0.7 per cent.

Net 1,24,700 positions were added in the services sector, with most of the jobs being added in retail, healthcare and social assistance. There was net growth of 24,400 jobs in the the goods producing sector, primarily in the construction space. There was a dip in jobs in the transportation and warehousing space.

It is reported that there was a 0.8 per cent increase in the total hours worked, which was 5.6 per cent more than January 2022.

Canada is reportedly preparing for an increase in the number of immigrants in the months to come. Almost 1,90,000 immigrants are expected to enter the country this year. It is estimated that more than 2,30,000 immigrants will set foot in Canada in three years’ time.

As per various data, most jobs were taken by those aged 25 to 54, with both men and women gaining evenly.

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