As Canada eases COVID-19 restrictions, the job market has started to revive with the unemployment rate dropping to 7.8% in June from 8.2% in May 2021. The country added 230,700 job positions in June, according to Statistics Canada.
The details of the report were, however, somewhat disappointing as full-time work fell by 33,200 positions, while self-employment dropped by 63,100. The job creation was mainly in part-time work, which amounted to 263,900 positions, providing relief to students and other young people.
Overall, till now, the country has recovered 89% from the COVID-related job losses. Canada is also expecting ample gains in the coming months as vaccination goals are reached and restrictions are being gradually lifted.
Ontario, on July 9, announced that it was moving forward with its next step of reopening on July 16 which will allow dining-in at restaurants, movie theatres and other activities.
Senior economist at Toronto-Dominion Bank Sri Thanabalasingam, in a note, said that further reopening and decline of health concerns will help in more job creation in July. He added that consumers, right now, are more eager to spend and businesses will prepare to meet that demand.
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Per the latest statistics, accommodation and food services were able to bounce back in June, leading to creation of 100,900 positions. Similarly, wholesale and retail trade jumped by 78,000 and hairstylists by 23,800.
On the contrary, the hospitality industry continues to be the worst-hit industry.
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In addition, youth employment of those between 15 and 24 years of age increased by 164,100 positions in June. Among those aged 20 to 24 and returning to school in fall this year, the rate of employment was 67.5%, much stronger than 51% in May.
The report also highlighted early signs of people returning to office, with those working from home dropping by around 400,000 to 4.7 million.
By June, around 170,000 more people were either employed or actively looking for jobs, leading to an increase in the participation rate to 65.2%.
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