In May of this year, almost 40,000 jobs were added through the Canadian economy, which has put the unemployment rate at a record low of 5.1%.
This number is the lowest it has ever been since comparable recording started in 1976.
More than 135,000 people have found full-time work, which has offset the loss of 96,000 part-time positions. This represents a slow recovery from job loss during the height of the pandemic.
This rise in job creation has had positive and negative effects. It has caused a jump in average hourly pay by 3.9%, but this number does not counteract Canada’s inflation rate of 6.8%. More bargaining power and higher rate of pay for employees also means inflation will only increase. It also means continued labour shortage in Canada, which was already a critical problem. Currently, there are double the amount of job openings as there are unemployed people in the country.