The unemployment rate sank to 5.5 per cent in February -- the lowest it's been since it was 5.7 per cent in February 2020 just before the start of the COVID-19 pandemic, Statistics Canada said Friday.Here's what it means for both job hunters and recruiters."The job market has been really, really hot and now you're just adding record low unemployment to it," said Travis O'Rourke, president of recruitment firm Hays Canada.
"The bargaining power is shifting in favour of workers at the expense of employers," said Avery Shenfeld, chief economist of CIBC World Markets.What does it mean for recruiters? "Any time unemployment is as low as it is, it's a candidates market," O'Rourke said. "Employers still need to hire and the pool from which they have to fish has shrunk considerably."
hot market for low paying jobs. Show me a hot market for $100K jobs and then we can start being impressed