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The economy shed 43,000 jobs in June and another 30,000 in July because of workers leaving the labour force rather than because of layoffs, reports RSM Canada, an audit, tax and consulting services firm, citing Statistics Canada numbers.
Job declines came entirely from the services-producing sector, including educational services, and health care and social services. There are currently more than one million job vacancies, mostly in the food and services sector and in health care.
“There is no denying it: Canada is experiencing a historic labour shortage. The job market has been running hot for months, with the unemployment rate falling to 4.9 per cent, the lowest on record,” says the RSM report The Real Economy, Canada.
“The pandemic and subsequent reopening have been the catalyst. At the onset of the pandemic, workers were laid off, turned to self-employment or retired early. When the economy reopened, organizations were unable to find enough workers to meet pent-up demand for goods and services.”
More than 200,000 people have left the workforce since March, resulting in the labour force participation rate dropping to 64.7 per cent, it says.
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