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Posted on July 08 2022

Canada hits a record-low of 5.1% unemployment rate and highest of 1.1 million employment rate in May 2022

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By  Editor
Updated October 27 2023

Key aspects of the record-low unemployment rate

  • Canada’s unemployment rate is down to 5.1%
  • Its employment rate has recorded at the highest at 1.1 million in May 2022
  • Total work hours have increased to 5.1%
  • The employment rate in the services-producing sector was higher than in the goods-producing sector

Overview:

The unemployment rate in Canada has decreased from 0.1% to 5.1% in May, while the employment rate, making a new record-low, has reached the highest of 1.1 million in May 2022.

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The rise in employment rate in May

The employment rate has increased by 40,000 (+0.2%) in May 2022, lead by the full-time gains (+135,000; +0.9%).

Sector Number of employees Increase percentage
Services-producing sector 81,000 0.005
Goods-producing sector 41,000 -1.00%

The gains of the services-producing sector spread across various industries, including food services and accommodation.

Employment in the goods-producing sector declined due to the decline in manufacturing  (-43,000; -2.4%)

In May, work hours in total have increased to 5.1% compared to the last 12 months and the average wages on an hourly basis increased by 3.9% (+$1.18 to $31.12) every year from 3.3% in April.

Read more... 1 million+ job vacancies and 4% increase in the average weekly earnings in Canada

Unemployment rate hits a new record-low

The unemployment rate has decreased to 0.1%, hitting a record low of 5.1%. The adjusted unemployment rate decreased from 0.2% to 7.0% in May, making it the lowest rate on the record since 1976, when comparable data was available.

Also read... Canada’s unemployment rate down to record-low 5.1%

Canada with a record high of 1 million job vacancies in the first quarter of 2022

Canada to welcome 454,410 newcomers at current pace

The employment rate in the services-producing sector was higher than in the goods-producing sector

Services-producing sector:

The employment rate in the services-producing sector increased by 81,000 (+0.5%) in May, which profited multiple industries.

Sector
Employment rate
Thousands Percentage
Food and accommodation services 20,000 1.90%

Increase in the Professional, scientific and technical services

Increase in 2022
Employment rate
Thousands Percentage
May 21,000 0.012
April 15,000 0.009
January - May 68,000 0.04

Increases and losses in other services are mentioned below:

The employment rate in the services-producing sector increased by 81,000 (+0.5%) in May, which profited multiple industries.

The employment rate in educational services and retail trade under the services-producing sector has increased. In contrast, finance, insurance, real estate, rental and leasing, transportation, and warehousing have faced the below employment losses.

Services
Employment rate
Thousands Percentage
Educational services #ERROR! 0.016
Retail trade #ERROR! 0.015
Transportation and warehousing -25,000 -2.40%
Finance, Insurance, Real estate, Rental and Leasing -19,000 -1.40%

Read on... Canada is working on a new fast-track immigration program for foreign workers

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Goods-producing sector:

The total employment rate in the goods-producing sector reduced by 41,000 (-1.0%) in May, right after it increased from October 2021 to March 2022, maximizing in April.

Sector
Total Employment rate
Thousands Percentage
Goods-producing sector 41,000 -1.00%

The employment rate in manufacturing was reduced by 43,000 (-2.4%) in May, and the monthly decreases affected six Canadian provinces, in which British Columbia was the largest.

Canadian Province Number of employees Increase percentage
British Columbia -11,000 -5.80%
Ontario -16,000 -2.00%
Quebec -7,700 -1.50%

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After the employment rate has seen a decrease in April, it was stable in the month of May through its construction. The employment rate in the goods-producing sector has been increasing from November 2021 to March 2022, reaching up to 5.3% annually in May.

Planning to Migrate to Canada from Australia? Get guidance from Y-Axis, the leading Overseas Consultant in Australia.

If you found this article engaging, continue to read… Do I need a job offer to immigrate to Canada?

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