Over the previous few months, the unemployment payment in Ontario – and throughout lots of the nation – has held at about 5%. [1]
5% is taken into consideration particularly low — Canada has averaged an unemployment payment of about 7.6% from 1966 – 2023, seeing it’s highest unemployment payment at thirteen.7% in may 2020. [2]
typically a low unemployment payment implies that fewer jobless people are actively in search of work, however this doesn’t seem simply like the case. The quantity of people reportedly in search of work stays regarding the identical as a outcome of the final 5 years. So, what does this imply for job seekers?
elevated alternatives
typically, a decrease unemployment payment means fewer jobs stuffed, and with extra positions out there, which suggests job seekers have extra to choose out from. As staff have extra decisions, employers may search to make themselves extra aggressive with incentives comparable to a greater work/life steadiness, or an enhance in wage.
furthermore, job market situations throughout Canada typically range, however unemployment at present appears to be like fixed throughout the provinces, permitting people extra flexibility in working areas.
So, if you happen to’re in search of new alternatives, the current low unemployment payment may imply a great time to discover extra of your profession decisions. uncertain the place to start out? Request an appointment with one in every of our Employment Advisors as we converse.
[1]The every day — Labour strain Survey, March 2023
[2]Canada Unemployment payment – April 2023 information – 1966-2022 historic – may Forecast