Quote:
Originally Posted by Harry Lime
https://www.bnnbloomberg.ca/statisti...ning-1.1954989
22K isn't enough to employ the people coming to Canada yearly. Last year we were at 1 050 000 annually, including all tracks to citizenship.
Anyone who has been in the job market since covid can also tell you that a large number of advertisements on the canada job board are ghosts and not really available.
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That's not really the correct way to look at it. The labour force doesn't increase by the same amount as the population does for a few reasons:
1) Because of our demographic makeup, we have a lot of retirements among the existing population. More specifically, there are about 1M more 55-64 year olds than there are 10-19 year olds, so in an average year we would expect about 100K more people to leave the labour force than would enter it, and COVID increased that.
2) A decent chunk (about 25-30%) of the population growth is from children, who obviously aren't going to be getting jobs.
So in 2022, when Canada added over 1M people, the unemployment rate actually dropped. It's ticking up again now, but that's due to economics and interest rates. Central banks have been quite clear that they want a softer labour market and that's what they're getting.