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Canada’s job market boomed in February 2021, propelled by the gradual economic reopening across the country, said national data agency Statistics Canada on Friday, March 12. Employment soared as much as 1.4 per cent month-over-month to 18.53 million.
Enterprises absorbed 259,200 workers, an increase of more than 245 per cent against estimates. There was a jump of 1.9 per cent among private-sector jobs.
This is the first month of labor market gains since November last year. The market had tumbled by 266,000 over late 2020 and early 2021.
In early February, COVID-19 related restrictions were curtailed in several regions. Canadian authorities also permitted the resumption of many non-essential operations, recreational and cultural activities, and operation of dining restaurants. However, shutdowns were there in some provinces, and parameters varied across regions.
The central monetary regulator, Bank of Canada, has been observing this development closely and may tighten up very-easy fiscal policy, analysts estimated. However, the central bank has maintained low-interest rates and assured to continue these ultra-low rates before the complete economic revival. Now economists have been giving more weightage to the job market while calculating the level of stimulus required in the economy.
Unemployment Rate Plunges
The unemployment rate dropped as much as 1.2 per cent on a month-over-month basis to 8.2 per cent in February, the lowest rate in the last 11 months.
Long-term unemployment also fell by 9.7 per cent or 49,000, against a high of 512,000 in January 2021.
However, the employment figure in the country is still 599,000 behind from pre-COVID-19 levels.
A total of 406,000 employees were employed for less than half the duration of their usual shift, as the StatsCan data added.
Source: Kalkine Group @2020
In February, part-time jobs rose to 171,000, nearly double as compared to full-time employment that grew by 88,000, representing a significant recovery in the retail business, accommodation industries, and food as provinces removed holiday-related curbs.
