Statistics about the Jobs market in Canada are very strong! Economists and statisticians are being challenged with the task of adjectivizing Canada’s jobs report that was released today. According to research figures, Canada’s unemployment rates are low. But will wage growth could ultimately lead to inflation.
Economists Report on Canada Market
“Unbelievable”, “extremely strong” and “blowout report” were some of the superlatives that came in from TD, Scotiabank, and BMO, respectively. The question, however, is what is causing excitement among economists? When the unemployment rate is low and everything seems right and the jobs market is rising rapidly high, the question is why do not we see inflation in wages?
In December, reports from Statistics Canada says the Country had 78,600 new jobs to offer. Being mindful that 79,500 jobs were available for the taking in November; this is an amazing report.
In 2017; Canada opened up to the unemployed with 422,000 jobs, which is an increase of 2.3% from the previous year. According to BMO, this is the greatest increase in jobs creation in 14 years.
The headlines for the 2018 jobs market reports is more impressive than the actual report which showed that 54,900 jobs opening In December were part-time employment opportunities, says the Capital Economics.
However; the hard-nosed economics shop did go on to describe the report as positive. Additionally; jobs growth was distributed all over Canada. Quebec and Alberta not among the leading territories for new jobs created in a wide range of industries.
The improvement in jobs creation led to a decrease in unemployment percentile; which came down as low as 5.7%; a record low in unemployment rates since 1974. The drop in unemployment figures can even be attributed to an Increase In participation rates; with 65.8 percentile of Canadians aggressively searching for employment.
There was a decrease in unemployment rates and it seems that Canadians are putting more hours in at the workplace. While there was a drop in the growth of working hours early over the years; the number went right back up and grew by 3% as recorded over the course of the year.
According to Scotiabank, this is the fastest uptick in job productivity hours for Canadians on the whole since November 2003. The importance of increasing working hours is linked to wage growth in the future.
As expected, there is an uptick in hourly wage growth; December of 2017 saw a wage increase of 2.7% according to a year-over-year basis. Early last year, economists had been concerned about the inconsequential wage growth in Canada but that’s a thing of the past for now. It is expected that a series of increases to provincial minimum wage rates will further speed up wage growth.
Wage growth jointly with an increase in working hours as reported earlier; may lead to inflationary pressures but its still good news for working Canadians. There are one or two thing immigrants should know about working in Canada.
Things Immigrants Should Know About Working In Canada
There are some things people who are thinking of immigrating to Canada ought to know first before arriving. First of all, it’s important to know you are not alone as a newcomer in Canada! Canada is a multicultural country of immigrants. It has a very open culture that welcomes newcomers and celebrates multiculturalism.
You do not necessarily need a job offer to immigrate to Canada. But it does make things a lot easier for you as Canada’s immigration arrangement is based on a point system.
Furthermore, If you were granted admission into Canada under the Express Entry skilled workers’ stream, you are automatically given permanent residency. Students, refugees, and other immigrants workers who didn’t enter Canada as skilled workers under the Express Entry program must first apply for PR before they can apply for citizenship.
The government of Canada has put in place a resource website for foreign nationals who are considering to immigrate to Canada, as well as new immigrants who are thinking to settle or find work in Canada. You will find lots of details about Express Entry and other immigration programs.
You will find how to obtain permanent residency or Canadian citizenship, a resource to organizations that can provide bits of advice and tips, and other things you could possibly need to know about immigrating to Canada and settling there. The government of Canada’s Department of Employment and Social Services also manage and operate Job Bank, a government job website, to help newcomers and Canadians alike find work.