In 2021, 8% of permanent residents are considered unemployed. This is a significant increase from 2020 and represents the highest unemployment rate recorded. This increase can be attributed to the impact of COVID and is expected to fall again in 2022 as businesses reopen and residents return to work.
Unemployment rate is a key indicator of economic health as well as general societal health. A lack of employment often relates to decreased individual and family wellbeing and reduced ability to purchase goods and services. Alternately, a very low unemployment rate can indicate challenges in attracting a skilled workforce.
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