Canadian Employment Trends Continue to Soar
As of March 2023, the number of employed Canadians was around 20,088.8 million, and there was a marginal increase of 0.1% in the country's employment rate, indicating a stable trend.
Since September 2022, there has been a consistent upward trend in employment. The Canadian job market has experienced steady growth, with the addition of 35,000 jobs in March.
The number of employed Canadians was around 20,088.8 million, and there was a marginal increase of 0.2% in the country's employment rate, indicating a stable trend. Over the
The increase in employment during March was primarily observed among employees in the private sector, with a rise of 35,000 jobs.
The unemployment rate remained steady at 5.0% for the fourth month in a row in March, which is slightly higher than the historic low of 4.9% recorded in June and July 2022. The majority of unemployed individuals in March 2023 had been out of work for 13 weeks or less, accounting for 63.4% of the total unemployed population.
Employment Gains by Industry
The transportation and warehousing industry saw an increase of 41,000 employees in March, offsetting the net decline seen from February 2022 to January 2023.
The business, building, and other support services sector - which includes activities that support day-to-day operations and ranges from waste management to administrative services- witnessed a surge of 31,000 jobs in employment, marking the first monthly increase since November 2021. The number of workers in this industry has now reached its peak since March 2020.
An increase was observed within the finance, insurance, real estate, and rental & leasing sector, adding 19,000 employees. This sector has continued its upward trend, growing by 58,000 over the year.
In March, employment in the professional, scientific, and technical services sector remained unchanged for the third consecutive month. However, compared to the previous year, there was a 5.2% increase, with 93,000 jobs, mainly due to substantial gains recorded in the industry during the spring and fall of 2022.
Growth Led by Provinces
Ontario led the employment growth, followed by Manitoba, Alberta and Prince Edward Island.
Ontario's employment increased by 21,000 in March, with cumulative gains reaching 172,000 since September 2022. Meanwhile, the unemployment rate remained stable at 5.1%.
Manitoba witnessed a rise in employment of 3,300 in March, marking the second successive monthly increase, while the unemployment rate remained unchanged at 4.7%.
Alberta observed an employment increase of 14,000 in March, which is the third increase in the last four months. The unemployment rate remained stable at 5.7%. Moreover, over the past year, leading to March 2023, the province has seen a significant rise in employment, adding 95,000 jobs, driven by an increase in full-time work.
Prince Edward Island witnessed a growth of 1,700 jobs in employment during March, marking the third increase in the last four months.
The Quest for Skilled Employees Continues
Despite the economic uncertainties and fluctuations in the labour market, Canadian employers are still actively seeking skilled workers to fill critical job openings. With the shift towards the digital economy, organizations are looking for employees who possess critical thinking, communication, problem-solving, and technological skills. Additionally, employers are seeking candidates who demonstrate adaptability, creativity, and teamwork as the job market evolves.
Technology and healthcare are two sectors experiencing rapid growth, resulting in a higher demand for skilled workers. In the technology sector, the demand for software developers, engineers, and network administrators continues to rise as companies seek to adapt to a digital work environment. In healthcare, organizations are looking for specialized workers such as nurses, physicians, and healthcare administrators to keep up with the country's aging population.
At Bevertec, we are committed to staying on top of the latest market trends and developments in the Canadian job market. We understand the importance of finding the right talent to help companies succeed, and we are dedicated to providing our clients with the best possible recruitment services. With our extensive network of job seekers and industry professionals, we can help connect employers with the skilled workers they need to succeed.