As per the Labor Force Survey- “ Immigrants have been solid pillars in supporting the job market of Canada as more and more Canadians reach the retirement age and quit the workplace.”
The Labour Force Survey (LFS) for the month of August 2022 has been made public by officials.
For the very first year since records began to be kept in 2015, there have been fewer unemployment cases in Canada (989,000) then there were open positions (1,038,000). The fact that more than a third (38%) of firms anticipate finding talented workers to be a struggle in the upcoming three months is a big surprise for job hunters. According to the research, employment fell by 40,000 jobs, and the national rate of unemployment increased by 0.5 percentage points to 5.4%, the first increase in seven months.
Since statistics have been accessible in 2006, Canada has observed that the jobless rate for immigrants was at its lowest point in August, falling to just 7.6%.
As shown in the data from the poll, as of August 2022, 875,000 of Canada’s labor force members were immigrants, disproportionately situated in major cities like Toronto and Montreal.
There are increasingly more Canadians who are pondering changing jobs. According to the labor force survey, 6.4% of permanent employees planned to quit their jobs in the following 12 months as of January 2022.
That number had climbed to 11.9% in August 2022, nearly doubling in the first six months following the survey’s data collection. The most common reason for intending to quit their job in August was continuing a career change.
But the number of Canadians who are nearing retirement age and leaving the workplace is another reason. 307,000 Canadians left their employment in August in order to retire later in the year, according to studies.
This issue is anticipated to persist in the years to come because an increasing portion of Canada’s population is older.
The above elements have the most contribution to the brimming success of various immigrants in the Canadian labor market in August.
Should conditions prevail, immigrants to Canada may have a more significant role to play in the labor market over the next few years as job openings and unemployment levels both rise and an aging population persists to make up a disproportionate number of the population.
The LFS even takes the effort to mention this:
“Immigration has been especially crucial in promoting labor force expansion in recent years, as an increasing number of Canadians have attained retirement age and left the labor force.”
Since Canada has historically resorted to immigration to meet many of its labor market needs, its economic immigration programs continue to be by far the most popular.
resulting in the Provincial Nominee Program, the Federal Skilled Workers Program (FSWP), the Federal Skilled Trades Program (FSTP), and the Canadian Experience Class (CEC) handled through Express Entry (PNP).