Canadian Unemployment Falls to New Record Low in June
Employment Insurance, June 2022
Statistics Canada (StatsCan) reported on Thursday (8-18-22) that, according to the Labor Force Survey (LFS), unemployment in Canada fell by 54,000 (5.1%) in June. The decline has resulted in a record low unemployment rate of 4.9%. The total number of Canadians receiving regular Employment Insurance (EI) benefits in June was 486,000, which is 7,000 (1.4%) below May’s totals.
The report also notes that employment also fell in June, down 43,000 (0.2%), and the participation rate—the share of the working age population who were either employed or unemployed—dropped 0.4 percentage points to 64.9%.
During the first six months of 2022, labor market conditions in Canada grew increasingly tight. Although employment fell in June, as noted above, it rose by a cumulative total of 221,000 (1.1%) in the first half of the year. Despite this strong employment growth, employers were seeking to fill just over 1 million (1,005,700) vacant positions at the beginning of May, highlighting months of persistently elevated levels of unmet labor demand.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.