Canadian Economy Adds a Record Number of Jobs in August 2019, Unemployment Hits Lows

The government of Canada added 81,100 new jobs in August, and the unemployment rate falls at 5.7%, Statistics Canada said on 6th September. This is definitely a record-breaking number high with Canadian labor market surpassing all the past expectations by pouring in one of the biggest employment gains from the past ten years. There are nearly more than one million people employed in Canada in 2019 than in 2015. In fact, Canada’s strong job rate is a way ahead of many other economies which usually stand at par with Canada.

All the recent jobs have been added on a seasonally adjusted basis. Additionally, the private sector gets the major share of net job creation, wherein two-thirds, or to say 57,200, are reserved for part-time jobs.  Since 2018, Canada has now gained a total of 471,000 jobs so far, consolidating an increase of 2.5% altogether. Hence, it’s a great time for those applying for Canada PR visa as there are greater possibilities for skilled workers for getting jobs based on their expertise.  Leading companies in the private sector also added 92,200 employees in August 2019, whereas workers in public sectors and self-employed dropped considerably.

Talking about Canadian provinces, Quebec tops the list of provinces with the lowest unemployment rate, which sits at 4.7%. British Columbia takes the second position.

Doug Porter, a well-known economist at BMO Capital Markets, stated that Canada’s aging population is one of the primary reasons behind the country’s booming labor market. In 2018, the Canadian population grew by 500,000 (1.4%) mainly because of the vast number of immigrants flocking to the country from different parts of the world as part of Canada immigration programs. This surprising rise in population is by far the largest record as contrast to the Group of Seven Nations.

Demographically, on a year-over-year basis rate of employment among Canadian youth (aged between 15-24) rose by 42,000 in August 2019. Whereas, the average youth employment gains increased by 75,000, which is 3% from last year.

Canadian Jobs Scenario on Provincial Basis

 From Canada provincial nominee perspective, Quebec and Ontario have witnessed the highest reductions in unemployment rate. Whereas other provinces such as, Manitoba, New Brunswick, and Saskatchewan seem to reach a record-level growth in jobs creation.

The employment growth rate continues to prosper in Ontario by 250,000 as the province added 57,800 jobs in August- the majority of them are part-time positions with an emphasis on wholesale and retail trade industry.

On the other hand, Quebec unemployment rate dipped at 4.7%, adding approx. 19,700 jobs- making it the single biggest employment growth spurt in the province since 1976. Since last year, Quebec has added a total of 112,000 jobs, a jump by 2.6%.

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According to Statistics Canada, Manitoba alone created 5,200 jobs. The province’s current unemployment rate is 5.6%. Saskatchewan generated 2,800 new jobs, where for New Brunswick it’s 2,300 jobs.

British Columbia added 17,000 new jobs which would mainly distribute in professional, scientific, and technical services. The province alone generated a bulk of 109,000 jobs since last year, a gain by 7.4%.

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