There are about 200,000 more jobs in the economy currently than there were before the pandemic.
Last month, Canada’s economy added 154,000 new jobs, exceeding estimates and lowering the unemployment rate to just 6%.
The unemployment rate decreased by 0.7 percentage points to 6%, according to Statistics Canada. This is the most down unemployment rate since the outbreak began.
Prior to COVID-19, Canada’s unemployment rate was 5.7 percent in February 2020. It peaked at 13.7 percent in May of that year, before progressively declining.
According to Statistics Canada, more than 19.3 million people in Canada had a job last month. That’s 183,000 more people than there were before the outbreak.
Wages up, too
There was also encouraging news on the pay front, as the data agency estimates that wages were 7.7% higher in November 2021 than they were two years before, before the pandemic. On average, that’s an increase of $2.18 per hour over the same time two years earlier.
Workers are going up the pay bracket in general. Over the last 2 years, the number of persons earning less than $12 an hour has dropped substantially, from more than a quarter of a million to just 165,000. There are also fewer persons making between $12 and $20 an hour, as the number of people earning this amount has decreased from 5.1 million to 4.4 million.
People are rising up the pay scale, thus those salary ranges are diminishing. The number of people earning between $20 and $30 per hour has increased from 4.9 million to 5.2 million, with more than 6.8 million people in the highest band. There are over a million more people than there were two years ago.
While greater salaries are beneficial to employees, they are a double-edged sword because the cost of living is rapidly rising as well. The fact that prices have risen by 5.3 per cent in the last two years, according to Statistics Canada, tempers those greater paychecks.
People are returning to work in droves, according to Tanya Gullison, chief revenue officer of human resources consulting firm LHH, because they need the money to pay for the rising cost of things.
In an interview, she remarked, “We’re still seeing a huge war for talent.” “We’re discovering that employers have to do some very unusual things to attract and retain talent.”
Companies who are able to recruit the best workers by giving flexible work conditions, good benefits, and other incentives, according to Gullison, will win the war.
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