The disparities in provincial jobless rates are shrinking in a tight labour market
Canada is experiencing a labour boom – and it extends to just about every corner of the country. In March, eight provinces had unemployment rates below 6 per cent, which has never happened before. The national rate of 5 per cent is hovering near all-time lows, a reflection of tight labour market conditions.
“Canada often sees stark variation in job-market conditions across different regions of the country, but that is not the case today,” wrote Robert Kavcic, senior economist at Bank of Montreal, in a recent client note. It’s possible for unemployment rates to fall if jobless people leave the labour force by no longer actively looking for work. At that point, they would not meet Statistics Canada’s definition of unemployed.
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