According to Statistics Canada's Labour Force Survey, Canada's unemployment rate was 4.9% in July. In July, the total number of unemployed people remained unchanged at one million. Furthermore, 426,000 people wanted a job but did not look for one, so they did not fall under the definition of unemployed. For the sixth month in a row, there was little change. The adjusted unemployment rate, which takes this source of potential labour supply into account, remained at 6.8%, the lowest level since comparable data were first available in 1997. RBC economist Carrie Freesto. writes "Two consecutive months of lower employment indicate that the Canadian labour market is approaching capacity constraints, with little room for upward movement," Employment in the public sector fell by 51,000 (1.2%) in July, the first drop in the sector in a year. After falling by 59,000 (-2.2%) in June, the number of self-employed workers increased by 34,000 (+1.3%) in July. In July, employment in the services sector fell by 53,000 (-0.3%). The wholesale and retail trade contributed the most to this sector's losses. In July, the number of people employed in wholesale and retail trade fell by 27,000 (-0.9%), the second consecutive monthly decrease. Express Entry is one of the most popular immigration pathways in Canada for skilled newcomers. Since July 6, Canada has held its fourth all-program Express Entry draw. IRCC invited 2250 Express Entry applicants to apply for permanent residency on August 17, 2022. The cut-off score for the Comprehensive Ranking System (CRS) was 525. The CRS requirement for the current draw is 8 points lower than the minimum cut-off score for the last all-program draw on August 3, which was 533.
Having said that, July is Canada's second consecutive month of significantly reduced employment. Furthermore, with record-low unemployment and over one million job openings, Canada remains in a highly competitive marketplace and good opportunities for skilled newcomers.
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