The June Update: Latest Market Trends and High-Demand Skills
In May 2023, the number of people employed in Canada remained relatively stable, equaling 20,113,000. This was accompanied by a slight yet noteworthy decrease of 0.1% in the employment rate.
Between February 2023 and April 2023, there was an average monthly increase of approximately 33,000 in employment. These gains followed a period of robust employment growth, with a total of 326,000 jobs added from September 2022 to January 2023.
Following a consistent period of stability at 5.0% over five consecutive months from December 2022 to April 2023, the unemployment rate in May experienced a 0.2 percentage point increase, reaching 5.2%. This marked the first monthly rise since August 2022.
Employment Gains by Industry
In May, the goods-producing sector experienced a notable increase in employment, with a rise of 23,000 jobs. Within this sector, the manufacturing industry, which had witnessed minimal changes for the past seven months, saw a significant boost of 13,000 jobs in May. This increase was primarily concentrated in Ontario, where employment in manufacturing rose by 20,000 jobs. Nationally, there was a year-over-year increase of 46,000 jobs in the manufacturing sector.
Additionally, the utilities industry also saw employment growth in May, with an increase of 4,200 jobs (+2.7%) compared to the previous month.
In May, employment within the "other services" sector, which encompasses various services like personal care and repair and maintenance, saw a rise of 11,000 jobs. This increase counterbalanced the decline of 11,000 jobs observed in March.
Growth Led by Provinces and Territories
In May, Manitoba experienced a notable increase in employment, with a growth of 8,200 jobs. This marked the third increase within the past four months. Meanwhile, the unemployment rate in the province remained unchanged at 4.8%.
Employment in Quebec remained relatively stable for the fourth month in a row, showing little change. The unemployment rate in the province, at 4.0%, remained slightly above the record low of 3.9% recorded in both January 2023 and November 2022.
Highly Sought After Skills
In the current highly competitive job market, it is imperative for candidates to possess standout skills that differentiate them from the rest. Employers no longer solely prioritize qualifications and experience; they seek candidates who bring a unique and valuable skill set to the table.
Consider the following highly sought-after skills that will bolster your chances of securing your dream job:
Digital Fluency: Given the increasing reliance on technology, proficiency in digital tools and platforms is non-negotiable. Industries across the board require skills such as data analysis, coding, digital marketing, and social media management.
Adaptability and Resilience: Employers highly value candidates who can adapt to change and recover swiftly from setbacks. Those who excel in uncertain environments, embrace innovation, and thrive in fast-paced settings stand out.
Effective Communication: Strong communication skills, encompassing both verbal and written abilities, are indispensable. Employers seek candidates who can articulate ideas clearly, actively listen, collaborate seamlessly, and build robust professional relationships.
Emotional Intelligence: A sought-after skill, emotional intelligence equips candidates with the ability to comprehend and manage emotions, exhibit empathy, and navigate interpersonal relationships effectively. It facilitates successful collaboration, conflict resolution, and exceptional leadership.
By focusing on honing these highly sought-after skills, you position yourself as an exceptional candidate in today's competitive job market. Prioritize continuous learning, self-improvement, and staying abreast of industry trends to ensure your skills remain relevant and in high demand. Embrace these skills wholeheartedly, and unlock the doors to exciting career opportunities.
Bevertec is dedicated to forging connections between outstanding talent and employers, serving as a catalyst for positive change in the Canadian job market. Our mission is to bridge gaps and bring together exceptional professionals with forward-looking organizations, igniting advancement and creativity in the continuously evolving job market.