We’ve moved! To find this article and more like it, check us out at our new home adecco.ca/blog and don’t forget to subscribe. With the record low unemployment rates Canada has seen in the last year, businesses have been faced with a candidate’s market, featuring strong competition for talent and rising average hourly wages. Even as the unemployment rate begins to cool off, it’s important to keep in mind the importance of low unemployment rates to your recruitment strategy.
July’s rise in the unemployment rate to 5.7 percent comes on the heels of months of record lows of the important economic indicator. The unemployment rate even hit a 43-year low of 5.4 percent in May and, while showing signs of cooling off, is still above what it was in July 2018. As we watch the unemployment rate in the coming months, let’s take a look at the advantages and disadvantages of low unemployment for Canadians.