Jobs soar by 337,000 in February

March 13, 2022

Employment climbed 337,000 (1.8 per cent) in February, easily offsetting losses seen in January.

The unemployment rate dropped one percentage point to 5.5 per cent, lower than in February 2020 (5.7 per cent) and similar to the record low (5.4 per cent) observed in May 2019.

The unemployment rate fell in all major demographic groups in February, according to Statistics Canada. For the first time since the start of the pandemic, men and women in all major age groups had an unemployment rate at, or below, what it was before the pandemic in February 2020.

Despite social disruptions, the labour market recovered more quickly than expected in February, says Jim Mitchell, president of recruiting firm LHH.

“As economies reopen and restrictions lifted across provinces and territories, we saw substantial growth in industries like accommodation and food services and information, culture and recreation. As we emerge from the pandemic, we’ve also seen a continued reduction in overall layoffs this month. Employers across the country are looking to retain talent, with employment rates returning to pre-COVID levels for the first time.”

Source: HR Reporter