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Unemployment Rate in Canada Hits All Time Low: Statistics Canada

Statistics Canada has lately released the figures for the unemployment rate in Canada, and the new numbers show quite an optimistic picture of employment statistics in Canada. Statistics Canada states the unemployment rate hit another low this month as compared to the past month. In April, the employment levels changes a little with a gain of 15, 300 new jobs.

Statistics Canada has lately released the figures for the unemployment rate in Canada, and the new numbers show quite an optimistic picture of employment statistics in Canada. Statistics Canada states the unemployment rate hit another low this month as compared to the past month. In April, the employment levels changes a little with a gain of 15, 300 new jobs.
The unemployment rate came down at 5.2 per cent for April compared with the previous low recorded at 5.3 per cent set in March.

Chief economist Doug Porter of Bank of Montreal stated that the gain in employment rate is a sign of normal conditions. In addition, it is also a sign where the new workers’ supply may be starting to be the binding constraint on growth.

“The one item of news here that may help contain just how much the Bank ultimately needs to hike is the ongoing calmness of wages,” he said in his notes.

As the number of jobs in professional, scientific, and technical services and public administration rose by 15,000 and 17,000 respectively in April, the jobless rate fell to its lowest level since at least 1976, which is the earliest comparable data available.

Statistics Canada also noted that proportion of people earning less $20 per hour has also decreased from 35.5 per cent in April 2019 to 25.9.

The proportion of people earning $40 or above in an hour have increased to 24.5 per cent of employees, more from 18.0 per cent from the past three years.

 

Published by:
Harwinder Kaur 

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