An economist says the newest job development numbers in Canada are “excellent news,” however he has considerations following Statistic Canada’s report.
Final month, Canada’s unemployment price fell for the primary time since January by 0.1 share factors to six.5 per cent, in keeping with Statistics Canada in its Labour Drive Survey for September launched Friday. The determine had risen 0.2 share factors in August.
As well as, StatCan stated the financial system added 47,000 jobs in September, up barely by 0.2 per cent, after 4 straight months of little change. Employment rose amongst youth aged 15 to 24 and ladies aged 25 to 54. Job will increase had been seen in Ontario, Manitoba, Quebec and Nova Scotia, whereas declines had been skilled in British Columbia and New Brunswick.
Whereas Pedro Antunes, chief economist on the Convention Board of Canada, known as the job development numbers “excellent news,” he stated the lower within the employment price is a priority. The employment price, the proportion of the inhabitants aged 15 and older who’re employed, fell 0.1 share level to 60.7 per cent, in keeping with StatCan. That is down from a peak of 62.4 per cent in January and February 2023.
Though job development has been “fairly good,” Antunes stated, the variety of individuals coming into the workforce has grown much more.
“It’s because we’ve opened up a number of immigration, a number of non permanent international employees. So, we have seen primarily the employment price decline and the job market slackening,” Antunes stated in an interview with CTV Information Channel on Friday.
The unemployment price’s decline final month nonetheless suggests a “pretty slack labour market,” he added.
“Now the federal government is intending to place the breaks on non permanent international employees and primarily non-permanent resident immigration,” he stated. “I feel that’s going to proceed to tighten up the labour market as we go ahead even in a gentle job-generating setting.”
Just lately introduced adjustments to the non permanent international employee program went into impact final month.
To see the total interview, watch the video above.
