With a rapidly growing economy, Canada has recorded its lowest unemployment rate (5.8%) since the year 1976. It is a time when Canada is thriving in terms of its economy, at an employment rate of 61.5 per cent. With a flourishing economy, the demand for skilled workers has risen in the country to a great extent, as many Canadian industries remain in hiring mode for skilled immigrants. Another reason why many Canadian businesses are seeking young and skilled immigrants through express entry is the country’s aging population. One of the major factors to influence an increased employment rate to 1.3 per cent till May was the gains from full time work.
Canadian States with the Lowest Unemployment Rates
Prince Edward Island recorded the lowest unemployment rate in Canada, with a drop of 1.9 per cent in May. Whereas, Quebec also witnessed a dip in unemployment, recording a 1.6 (65,000) per cent rise in its employment rate over the last year. As per a recent study conducted by Point2home, Canada’s Quebec City was voted the best city in Canada for young people to live.
Low unemployment rate was one of the major criterions, to enlist Quebec City as the top contender in the study. British Columbia too witnessed a drop in its unemployment rate by 4.8 per cent, despite the fact that about 12,000 of its population stopped working. As far as the westernmost province is concerned, there has been no significant change of trends in its unemployment rate in the last one year.