Record-low unemployment is being reported in early 2022 as Canada’s economy continues its rapid recovery from the global pandemic.
As a result, the Canadian jobless rate hit the lowest level of 5.3 percent – a rate that was experienced last in 1976.
Although about 15,300 Canadian jobs were added in April, economists expected about 40,000 jobs to be added.
Nonetheless, Canadian Visa Expert can confirm that the recent job additions pushed down the record-low unemployment rate even further to a new record low of 5.2 percent, according to Statistics Canada data.
Notably, most of the job gains were mainly from Alberta and the Atlantic provinces.
Rising wages but a change in job patterns
The striking imbalance in the economy has brought about a new pattern between full-and-part time jobs. While the economy is witnessing a drop in full-time jobs, there has been an increase in part-time jobs.
According to Canadian Visa Expert, the economy has replaced over 30,000 full-time jobs with 50,000 part-time jobs. However, there has also been an apparent rise in wages.
Here is evidence that shows that Canadian wages are pushing higher on the wage scale. For instance, in 2018, about 40% of Canadian workers earned less than $20 an hour, while only roughly 15% earned more than $40 per hour.
Flash forward to today’s job market and about 24.5% of Canadian workers earn $40-and-above per hour, while only roughly 26% earn $20-and-below per hour.