Employment in Canada Continues its Upward Trend
The Canadian job market continues to grow steadily, adding 22,000 jobs in February. Employment in Canada has been on an upward trend since September 2022.
With approximately 20 million Canadians employed as of February 2023, employment within the country held steady with a 0.1% increase.
The gender pay gap has decreased, with men on average earning $35. 63 per hour and women earning $30.67 per hour.
Unemployment Rate
The unemployment rate held steady at 5.0, just short of 4.9, the record-low rate observed in June and July of 2022.
Approximately 1 million Canadians were unemployed individuals in February 2023. A majority of these individuals (approximately 66.6%) per unemployed for 13 weeks or less.
Employment Gains by Age Demographic
There was an increase in employment among individuals aged 55 and older. Employment within this demographic increased by 25,000 in February 2023.
Increase in Hourly Wages
Taking a look at the hourly wages, over the year, an increase of 5.4% can be seen. Resulting in the average hourly wage being $33.16.
Growth Led by Provinces
Employment in Prince Edward Island rose by 1,700, leading the provinces.
Employment in New Brunswick increased by 5,100, a second monthly increase in the province's employment.
Following New Brunswick is Manitoba with employment increasing by 4,900. Then Newfoundland and Labrador with 3,800, and Prince Edward Island with 1,700.
Employment Across the Industries
The Health Care and Social Assistance industry saw an increase of 15,000 employees in February 2023. A 44,000 increase on a year-over-year basis.
The Public Administration industry saw an increase of 40,000 employees, a third gain in the past 5 months. The Public Administration industry includes individuals working for the three levels of government. This increase was primarily concentrated in Ontario with 7,600 employees, followed by New Brunswick with 1,500.
Attracting New Talent
Employers in Canada are voicing concerns about labour shortages. With unemployment near a record low of 4.9 percent, it isn't easy to see any truth behind this claim.
Businesses need to adapt to society and not stay set in their way. Organizations that provide their employees with better working conditions, benefits and flexibility are positioning themselves to be more attractive in the labour market.
Organizations looking to attract and maintain talent must strive to provide their workers with better roles. This can be in the form of providing flexibility with the work arrangements, providing better benefits, as well as offering competitive market rates.
"The competition to hire the best will increase in the years ahead. Companies that give extra flexibility to their employees will have the edge in this area" - Bill Gates.