Surpassing all expectations, the Canadian economy adds nearly one million jobs in June as businesses that were closed begin to reopen.
The recent Statistics Canada report highlights the efforts by both federal and provincial governments to ease COVID-19 related restrictions that forced many businesses to close or operate at reduced capacity. The June job numbers come on the heels of the May report which saw an addition of 290,000 jobs when the forecasters had anticipated further job losses.
The Canadian Economy: The numbers
- In June the Canadian economy added 488,000 full-time and 465,000 part-time positions, for a grand total of 953,000 jobs.
- 17,427,000 Canadians are employed, up 5.8%
- Unemployment was 1.4% lower when compared to May, and 9.2% lower when compared to February.
- Unemployment in Canada currently sits at 12.3%
- 823,000 workers resumed full-time employment after working part-time due to COVID-19 restrictions.
- All provinces saw increases in job numbers, with Quebec, and New Brunswick receiving the greatest gains.
The Bank of Canada and the federal government say the worst of the economic pain from the pandemic is behind the country, but Canada will continue to face high unemployment and low growth until 2021.
As the Canadian economy recovers, so does immigration
Last week saw the first all-program Express Entry draw in four months, inviting over 3,900 candidates. Provincial nominee program immigration is rapidly increasing and for some provinces, at rates higher than during the pre-pandemic period.
A strong Canadian economy and job market bodes well for prospective permanent residents and work permit seekers. It is unlikely Canada will meet our 2020 immigration targets but as the Canadian economy claws back it’s losses, Canada will continue to be a choice destination for the worlds’ best and brightest.