Unemployment
Much of the unemployment rate success is due to job growth across all sectors. Saskatchewan and Ontario have remained below 6% unemployment, while Quebec has remained at or below 5%. Newfoundland and Labrador have the highest unemployment at 11.5%, but with a 1.8% decline over the last 12 months, the future is very optimistic.
With increased job growth, especially in health care and social assistance, Canada has been able to reap the economic benefits of lower unemployment. With earnings on the rise, people have more reason to get an education and join the workforce. Employment declines in educational services in Newfoundland and Labrador were out-shined by significant increases in mining, oil and gas, construction and quarrying.
Conclusion
2019 was a very strong year across Canada. The job growth, across all sectors, is nothing short of incredible. Unemployment is at or below 5% in most provinces, and with weekly earnings on the rise, unemployment will undoubtedly continue to improve in the lagging provinces. Earnings have been in an upward trend for the last 12 months with no sign of slowing down.
As people continue to make more money, faith in the economy will grow. Higher wages result in the growth of retail sales and professional services, providing more jobs and turning the wheel further in the right direction, providing the opportunity for even stronger growth over the next year.
