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Canada nears record-low unemployment rate in February

Statistics Canada's February Labour Force Survey reports that unemployment in Canada dropped to 5.5 last month, lower than in February 2020.

Canada’s labour force made a full recovery in February as Omicron-related public health measures lifted in several provinces.
Statistics Canada measured Canada’s labour market performance during the week of February 13 to 19. After public health measures were tightened in December and January, many had been lifted by the February reference week. Several provinces were easing proof of vaccination requirements and increasing capacity limits in restaurants, retailers, theatres, and gyms.

Unemployment had fallen below its pre-COVID-19 level for the first time, down to 5.5%. Before the pandemic, in February 2020, the unemployment rate was 5.7%. The record unemployment rate was 5.4% in May 2019.

On a seasonally unadjusted basis, the total immigrant unemployment rate was 5.7% in February, compared to 5.9% in February 2020.

In February, Canada released its 2022-2024 Immigration Levels Plan, revealing the government is planning to increase the number of new permanent residents coming to Canada over the next three years.
“The increased targets are recognition of the labour shortages plaguing many sectors of the Canadian economy,” wrote Liam Daly, economist at the Conference Board of Canada. “Over the course of the pandemic, job vacancies in Canada have surged. Amid pandemic disruption to international mobility, the government has increasingly relied on converting the status of temporary residents located in Canada to permanent residents. While status conversion will remain an important channel for immigration, many temporary workers are already in employment. Given the pressing need to address labour scarcity, it is important that the government works to increase immigrant landings from outside Canada.”

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