Job creation recently exceeded Canadians’ expectations. Canadian Visa Professionals could establish that Canada’s economy added 39,000 jobs in July 2023. The job additions impacted sectors such as the professional, scientific and technical services alongside the construction industry.
For example, professional, scientific and technical services added about 52,000 positions. Additionally, the construction industry added about 34,000 jobs in Canada.
Canadian Visa Professionals says Canada’s job market added about 174,000 new positions in the first eight months of the year, with an average of 25,000 new jobs per month.
Canadian Visa Professionals highlights some economic experts’ opinions on job creation in Canada.
Doug Porter, an economist with the Bank of Montreal, says:
“Canada now needs a steady flow of jobs just to match raging population growth. It is inconsistent to see a sturdy monthly gain of 40,000 jobs and still conclude that the market is slightly easing.”
According to Tiff Macklem, Bank of Canada governor, when speaking to a business audience in Calgary on Thursday:
“Population growth suggests that the supply of workers is growing more than the demand for workers. So supply is catching up with demand, and the pressures are easing.”
Canadian Visa Professionals concludes that though new jobs are being added, they won’t be at a faster pace than the population growth.
Brendon Bernard, a senior economist at Indeed.com, says Canada’s surging population is having an impact on both sides of the inflationary ledger.
"There are some key areas where population growth is relatively inflationary, especially in the housing market – it pushes up demand for housing and rent."
