Unemployment Rate Falls to Record Low in Canada

May was a thriving month in Canada, as the economy showed signs of strength by adding over 27,000 jobs. The unemployment rate dropped to the lowest level since data became available in 1976. Falling to 5.4 percent, the rate dropped .3 percent from the previous month. Economists from around the globe predicted an addition of only 8,000 jobs in Canada for May and the unemployment rate to reach 5.7 percent, as reported by Thomson Reuters Eikon. Canadian Visa Expert and its team can help you and your family immigrate to Canada. Their Five-Phase Process is simple and makes the path to a new life attainable.

The increase in the number of jobs in Canada was entirely from full-time employment, as occurred in April with 106,500 jobs added. This latest jobs report suggests the downtime this winter is on the mend. The weakness in the Canadian economy is expected to be temporary, according to the Bank of Canada, and it is thought the economy would increase pace throughout the year. Brian DePratto, TD Bank senior economist, said the latest report would inform the Bank of Canada toward a cautious approach. “Recent communication attributed weakness in hours worked to caution among employers. That caution clearly remains, and with trade uncertainty elevated, expect the Bank of Canada to stay on the sidelines for some time,” DePratto said. Contact Canadian Visa Expert for help with the immigration process. They will show you your options and walk you through the steps required to receive the correct visa. Their team of experts will answer any questions you may have. Contact them today!

Be the first to comment

Leave a Reply