Lowest unemployment rate records by Canada in February

Ottawa: According to the statistics measured by Canada labour market performance during the week of February 13 to 19, several provinces were easing proof of vaccination requirements and increasing capacity limits in restaurants, retailers, theatres, and gyms.

According to the data, unemployment fall down below its coronavirus level for the first time down to 5.5% as ahead of Covid-19 pandemic in February 2020, the unemployment rate was 5.7%. The record unemployment rate was 5.4% in May 2019.

Employment climbed 337,000 (+1.8%) in February, more than offsetting losses that coincided with stricter public health measures in January. The unemployment rate dropped 1.0 percentage points to 5.5% in February 2022, lower than in February 2020 (5.7%) and similar to the record low (5.4%) observed in May 2019.

Other indicators point to an increasingly tight labour market in February. Total hours worked increased 3.6% while the employment rate, or the proportion of the population aged 15 and older who were employed, rose 1.0 percentage points to 61.8%.

Employment climbed 337,000 (+1.8%) in February, more than offsetting January losses.

February employment growth was driven by gains in the number of private sector employees (+347,000; +2.8%).

Gains were most notable in the accommodation and food services (+114,000; +12.6%), and information, culture and recreation (+73,000; +9.9%) industries.