Quebec Province has displayed the lowest unemployment rate since 1976. This "Job seekers market" has very good for the economy as most of the youth between the age of 15 to 24 years are now employed in the region.
There has been an increase in the employment rate in Quebec Province in the last few months, and the month of February turned out to be the best one as there was a record low unemployment rate in the province as per the Labor force survey.
The unemployment rate has reached a historic low of 4.5 percent in the last month, and it is the lowest unemployment rate since 1976. Most of the youth in province are employed, and there is a decline of 6.8 in unemployment rate, which is a good thing for the economy. The province has now seen most of the people between 15 to 24 years of age employed.
The employment rate is considered against the number of people employed who are above 15 years of age. The low unemployment rate is a perfect thing for the economy because it means that there are more jobs to choose from. The employers have the pressure of retaining and attracting talent. The low employment period is also popularly known as the Job seekers market".
As the baby boomers retire in the coming years, Canada will witness the labor shortage. In such a scenario, the country will heavily rely on immigrations to fulfill the need for labor market requirements. And the majority of immigrations are expected to be in the economic class.
Apart from Quebec, there has also been an increase in employment in a few other provinces like Alberta, Nova Scotia, and Manitoba. Alberta saw 11,000 jobs been filled last month, and Nova Scotia's employment rose to 3,700, which brought the unemployment rate to 0.4. Similarly, 3200 more jobs were created in Manitoba in February. But the provinces like New Brunswick, British Columbia, and Prince Edward Island saw little change.
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