Over the past few months, the unemployment rate in Ontario – and across most of the country – has held at about 5%. [1]
5% is considered especially low — Canada has averaged an unemployment rate of about 7.6% from 1966 – 2023, seeing it’s highest unemployment rate at 13.7% in May 2020. [2]
Sometimes a low unemployment rate means that fewer jobless people are actively seeking work, however this doesn’t appear to be the case. The number of people reportedly looking for work remains about the same as the last five years. So, what does this mean for job seekers?
Increased Opportunities
Generally, a lower unemployment rate means fewer jobs filled, and with more positions available, this means that job seekers have more to choose from. As employees have more options, employers may seek to make themselves more competitive with incentives such as a better work/life balance, or an increase in salary.
Additionally, job market conditions across Canada generally vary, however unemployment currently looks consistent across the provinces, allowing people more flexibility in working locations.
So, if you’re looking for new opportunities, the current low unemployment rate could mean a great time to explore more of your career options. Not sure where to start? Request an appointment with one of our Employment Advisors today.
[1]The Daily — Labour Force Survey, March 2023
[2]Canada Unemployment Rate – April 2023 Data – 1966-2022 Historical – May Forecast