Unemployment Rate Drops to 4.7 Per Cent as 30,100 New Jobs Gained in February
Recent job numbers released by Statistics Canada for February 2022 show Saskatchewan added 30,100 jobs, an increase of 5.6 per cent, compared to February 2021. Of these, 19,500 were full-time jobs. Month-to-month seasonally adjusted employment increased by 7,400, an increase of 1.3 per cent, the highest employment growth rate in Western Canada. Through the first two months of 2022, Saskatchewan had the second highest rate of job growth in Canada at 2.3 per cent.
Unemployment rate fell to 4.7 per cent, the second lowest among provinces. It was down from 7.3 per cent a year ago, down from 5.5 per cent a month ago, and well below the national average of 5.5 per cent (seasonally adjusted). The unemployment rate of 4.7 per cent was the lowest for Saskatchewan since April 2015.
Off-reserve Aboriginal employment hit the record high for February at 57,700 jobs, of which 45,000 were full-time jobs – also a record high for the month of February. Employment was up by 3,900 (+7.2 per cent) for 15 consecutive months of year-over-year increases.
Major year-over-year gains were reported for wholesale and retail trade up 11,500 jobs, educational services up 6,000 jobs, and information, culture and recreation up 5,300. Over the same period, the private sector was up 18,500 jobs (+6.0 per cent), female employment increased by 13,100 jobs (+5.2 per cent), and youth (aged 15-24) employment was up 10,300 jobs (+15.1 per cent).
Saskatchewan’s youth unemployment rate was 5.9 per cent, the lowest among the provinces and well below the national average of 10.9 per cent (seasonally adjusted).
In February 2022, Saskatchewan’s seasonally adjusted employment of 582,000 exceeded (101.4 per cent) its pre-COVID employment level of 574,100 in February 2020.