COVID 19 has hit the job markets and unemployment continues to climb. However, the Canadian job market which has been stalling for quite a while is now recovering.
According to Indeed Canada, total job postings stand 30% below compared to last week of 2019. The statistics show that last week it was 31% and 49% in early May. This comes as a sigh of relief that the job recovery is in the right direction.
From the reports and newly announced payroll data as well as hourly earnings from May, it has been noticed that coronavirus is affecting employment in Canada, but the economy is recovering positively. From May 2020, average weekly earnings increased as per the survey of employment, payroll, and hours. Such statistics released monthly data on payroll employment, earnings and hours performed in Canada. Ultimate results of all the surveys done in the last few months are becoming positive for the Canadian residents.
From the conclusive vision, it is noticed that the total number of jobs on payroll decreased by 1.8%, yet on another side average weekly earnings is increased by 2.0% to $1,139 since May 2020. Calculations of average weekly earnings are done by a division of total weekly earnings by the number of employees.
This increment was compared by a 2% decrement in total working hours in May against April. In between February to May, 16.9% loss has been noticed in total hours worked. On the same period, a slight increment on average weekly hours is seen, noticing the average hours worked per week to just over 34.
For example, we can take rebound of the construction industry in Quebec, Industry like construction increased payroll in jobs by 3.5% up to $28,400 in May 2020. Mainly as an outcome, only a few speciality trade contractors have launched such gains in the industry.
Mostly the gain of this industry was seen in Quebec, where government permitted to construct residential properties in mid-April. Nationally jobs in construction were still down nearly by 20% in comparison with February 2020. Only 2.6% to $1,315 payroll increment in the construction industry was seen weekly on an average compared to May 2019.
Although this uncertain pandemic situation has hammered the job market, it has raised opportunities too.