Canadian Unemployment Increases Month-Over-Month in July—Still Holds at Record Low Level

Statistics Canada (StatCan) reported on Thursday (9-22-22) that 506,000 Canadians received regular Employment Insurance (EI) benefit in Julys. This is an increase of 14,000, or 2.9%, when compared to June. It was also the first increase since January 2022, as well as the first increase not associated with a tightening of public health restrictions since the start of the COVID-19 pandemic.

According to the Labor Force Survey (LFS), the unemployment rate in Canada in July remained at a record low of 4.9%. This was followed by an increase in unemployment in August, as indicated by the LFS for that reference month of 106,000, or 10.5%.

StatsCan noted that almost one-third of all regular EI recipients (31.0%, or 157,000) in July last worked in trades, transport and equipment operators and related occupations, the largest proportion of all broad occupational groups, with sales and service occupations accounting for the second-largest proportion (15.8%). Trades, transport and equipment operators and related occupations includes industrial, electrical and construction trades, as well as trades helpers, construction labor and related occupations.

According to the most recent Job Vacancy and Wage Survey, there were 188,000 vacancies for trades, transport and equipment operators and related occupations in the second quarter of 2022, including 55,400 vacancies in industrial, electrical and construction trades, and 31,600 vacancies in trades helpers, construction labor and related occupations (not seasonally adjusted).