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Canada's economy rebounded in February | Canada Immigration News – Canada Immigration News

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Published on March 12th, 2021 at 02:10pm EST

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In February, Canada’s economy almost regained all of the jobs it lost in the two months prior, and the unemployment rate was the lowest it has been since March 2020.

The number of people employed in February increased by 259,000 after falling by 266,000 over December and January. Statistics Canada derived these data from conducting their monthly Labour Force Survey during the week of February 14 to 20.

Employment rates are the number of people who are working as a percentage of the population of people aged 15 and older. Unemployment is calculated by the number of unemployed people as a percentage of the entire labour force.

In February, the unemployment rate fell to 8.2 per cent, 1.2 percentage points lower than January and the lowest since Canada went into lockdown last year.

Compared with February 2020, there were 599,000 (-3.1 per cent) fewer people employed, and 406,000 (+50 per cent) more people working less than half of their usual hours. The total hours worked increased by 1.4 per cent, driven by gains in wholesale and retail trade.

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Employment rebounds in industries most affected by coronavirus-related closures

The number of people working in retail trade as well as accommodation and food services increased in February as coronavirus-related measures were lifted.

Employment in the information, culture, and recreation industry was little changed in February, after several months of steady decline.

February employment increases were concentrated in low-paying jobs of $17.50 per hour or less, which reflects the growth in industries with a high proportion of low-paying jobs.

Employment gains in professional, scientific, and technical services exceed pre-pandemic levels

The number of people working in professional, scientific, and technical services was little changed month over month, but employment in the industry rose 5.6 per cent compared to the same time last year, which is equal to about 86,000 more people working. This is the largest year-over-year increase across all industries. Nearly all of these gains were seen in Ontario and British Columbia. Many businesses in this industry can operate remotely, which allows them to stay open during periods of lockdown.

For this industry, the job vacancy rate was higher than the Canadian average in December, after seeing months of employment growth in the latter part of 2020.

There are about 75,000 more people working in computer and information systems occupations compared to February 2020, including both professional and technical occupations. These year-over-year gains were driven mostly by men and were little changed among women.

Employment rates for very recent immigrants little changed

Coronavirus-related travel restrictions caused the number of newcomers in 2020 to fall to the lowest level since 1998. In February, there were 13.8 per cent fewer very recent immigrants in the labour market compared year-over-year. This group is comprised of permanent residents who landed in Canada within the past five years.

Employment for these newcomers was also down 12.1 per cent compared to the same time frame. As a result, the employment rate for very recent immigrants for the three-month period ending in February was little changed compared to the same time last year.

For immigrants who landed more than five years ago, employment in February was one per cent shy of pre-pandemic levels. Their employment rate was slightly lower than Canadian-born workers, with immigrant employment rates at 57.3 per cent, and Canadian-born workers at 58.3 per cent.

The importance of population growth and employment rate

Canada’s level of employment and employment rate will be important indicators of labour market conditions. Statistics Canada says that in order for Canada to return to pre-pandemic employment rates, the level of employment must increase beyond February 2020 to match population growth that has occurred since then.

Canada’s employment rate in February 2020 was 61.8 per cent. By April, it fell to 51.5 per cent, the lowest level since comparable data became available in 1976. This past February, the employment rate was 59.4 per cent, which is 2.4 percentage points below pre-pandemic levels.

If the population had remained the same year-over-year, the employment rate in February would have been 5.9 percentage points below the pre-pandemic rate. This difference shows the importance of population growth in economic recovery. There has been a small population increase in Canada, although reduced levels of immigrants have slowed growth. In an average year, immigration is responsible for roughly 80 per cent of Canada’s population growth.

The Canadian government committed to welcoming 401,000 new immigrants in 2021. In January alone, immigration rates were comparable to pre-pandemic levels, suggesting that Canada is on track to meet its ambitious immigration levels target.

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  • Shelby Thevenot

    Editor, CIC News

    Shelby is an Editor at CIC News.

    Shelby has worked as a freelance writer, photojournalist and staff video journalist before she came to CIC News in 2019.

    She has lived in Manitoba, Alberta, B.C., and now Quebec. Her exposure to life in multiple communities across Canada
    helps her connect readers with the places where they may end up living someday.

    Helping people navigate the complex Canadian immigration system is what drives her to create new, engaging, and comprehensive content for CIC News readers.

    Talking to people with interesting stories and insights is the best part of her day. Send story ideas to shelby.thevenot@canadavisa.com.

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What Difference Will You Make to an Employer?

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October 21, 2024

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Ex-Employer (Job)

It’s common knowledge that companies don’t hire the most qualified candidates. Employers hire the person they believe will deliver the best value in exchange for their payroll cost.

Since most job seekers know the above, I’m surprised that so few mention their Employee Value Proposition (EVP). Most job seekers list their education, skills, and experience without substantiating them and expect employers to determine whether they can benefit their company; hence, most resumes and LinkedIn profiles are just a list of opinions—borderline platitudes—that are meaningless and, therefore, have no value. Job seekers need to better explain, along with providing evidence, how they’ll contribute to an employer’s success.

Employers don’t hire opinions (read: talk is cheap); they hire results.

You’re not offering anything tangible when you claim:

 

  • I’m a great communicator.
  • I’m detail oriented.
  • I’m a team player.

 

Tangible:

 

  • “At Global Dynamics, I held quarterly town hall meetings with my 22 sales reps, highlighting our accomplishments, identifying opportunity areas, and recognizing outstanding performers.”
  • “For eight years, I managed Vandelay Industries IT department, overseeing a staff of 18 and a 12-million-dollar budget while coordinating cross-specialty projects. My strong attention to detail is why I never exceeded budget.”
  • “While working at Cyberdyne Systems, I was part of the customer service team, consisting of nine of us, striving to improve our response time. Through collaboration and sharing of best practices, we reduced our average response time from 48 to 12 business hours, resulting in a 35% improvement in customer feedback ratings.”

 

These examples of tangible answers provide employers with what they most want to hear from candidates but rarely do; what value the candidate will bring to the company. Typically, job seekers present their skills, experience, and unsubstantiated opinions and expect recruiters and employers to figure out their value, which is a lazy practice.

Getting hired isn’t based on “I have an MBA in Marketing and Sales,” “I’ve been a web designer for over 15 years,” “I’m young, beautiful and energetic,” blah, blah, blah. Likewise, being rejected isn’t based on “I’m overqualified,” “I’m too old,” “I don’t have enough education,” blah, blah, blah. Getting hired depends entirely on showing employers that you can add value and substance to their company; that you’ll serve a purpose.

When you articulate a solid value offer, the “blah, blah, blah” doesn’t matter. Job seekers focus too much on the “blah, blah, blah,” and when not hired, they say, “It’s not me, it’s…” The biggest mistake I see job seekers make is focusing on the “blah, blah, blah”—their experience and education—believing this is what interests employers. Hiring managers are more interested in whether you can solve the problems the position exists to solve than in your education and experience.

 

Not impressive: Education

Impressive: A track record of achieving tangible results.

 

You aren’t who you say you are; you are what you do.

 

If you want to be somebody who works hard, you have to actually work hard. If you want to be somebody who goes to the gym, you actually have to go to the gym. If you want to be a good friend, spouse, or colleague, you have to actually be a good friend, spouse, or colleague. Actions build reputations, not words.

The biggest challenge job seekers face today is differentiating themselves. To stand out and be memorable, don’t be like most job seekers, someone who’s all talk and no action. Any recruiter or hiring manager will tell you that the job market is heavily populated with job seekers who talk themselves up, talk a “good game” about everything they can “supposedly” do, drop names, etc., but have nothing to show for it.

More than ever, employers want to hear candidates offer a value proposition summarizing what value they bring. If you’re looking for a low-hanging fruit method to differentiate yourself, do what job seekers hardly ever do and make a hard-to-ignore value proposition.

  1. Increase sales: “Based on my experience managing Regina and Saskatoon for PharmaKorp, I’m confident that I can increase BioGen’s sales by no less than 25% in Winnipeg and the surrounding area by the end of 2025.”
  2. Reduce cost: “During my 12 years as Taco Town’s head of purchasing, I renegotiated contracts with key suppliers, resulting in 15% cost savings, saving the company over $450,000 annually. I know I can do the same for The Pasta House.”
  3. Increase customer satisfaction:“During my time at Globex Corporation, I established a systematic feedback mechanism that enabled customers to share their experiences. This led to targeted improvements, increasing our Net Promoter Score by 15 points. I can increase Dunder Mifflin’s net promoter score.”
  4. Save time: “As Zap Delivery’s dispatcher, I implemented advanced routing software that analyzed traffic patterns, reducing average delivery times by 20%. My implementation of this software at Froggy’s Delivery can reduce your delivery times by at least 20%, if not more.”

 

If you want to achieve job search success as soon as possible, structure your job search with a single thread that’s evident and consistent throughout your résumé, LinkedIn profile, cover letters and especially during interviews; clearly convey what difference you’ll make to the employer.

_____________________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

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Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

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October 17, 2024

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Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

The Canadian Press. All rights reserved.

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All Magic Spells (TM) : Top Converting Magic Spell eCommerce Store

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October 17, 2024

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