Canada’s Job Market is on the Rise

Emmet McGonagle

September 8, 2023

Canada’s three-month unemployment slump seems to be coming to an end with more than twice as many positions - net 39,900 jobs - as anticipated joining the market according to data gathered by Statistics Canada.


The data found that Statistics Canada said full-time positions in Canada’s labour market grew by 32,200 jobs while part-time jobs posted a more modest rise of 7,800 positions, beating expectations for a gain of 20,000 positions with wages rising to 5.2% - up from 5% in July.


Meanwhile, the unemployment rate remained at 5.5% in the wake of three straight monthly increases, signaling the jobs market is looser than it was last year.


As a result, job growth will need to pick up to keep pace with strong population growth.


On the topic, Tu Nguyen, economist and ESG Director at RSM Canada, commented: “Immigration has played a vital part in keeping the economy buoyant as job growth was led by population growth. Immigration injected workers in the economy to mitigate the talent shortage and help the economy grow.”


Tu predicts that in coming months Canada can expect moderate job growth “as businesses find it hard to borrow money amid a high interest rate environment”. 


“Nevertheless, the economy looks to be on solid ground and employers will hold on to the workers they have,” she concluded.


This comes just days after The Bank of Canada announced it would be holding its overnight lending rate at a 22-year high of 5% - the highest level in 22 years.


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