Demand for workers is booming in Canada as unemployment declines and job vacancies rise.
Canada’s unemployment rate hit a new record-low of 5.1%, the lowest point it’s been since comparable data became available in 1976.
Statistics Canada reported in its most recent Labour Force Survey that the labour force gained 39,800 jobs in May, mostly in full-time work. More than 135,000 people found full-time work last month. Gains were led by women workers in all age groups.
“As we commence the ritual of filling patios and hit the road for overdue vacations, employers continue to search for workers to meet heightened demand,” said TD Bank economist James Orlando in a commentary. “This has job vacancy rates at record levels, making it clear that the Canadian economy is operating beyond full employment.”