An OECD report says that Canada is recovering from the recession better than other member countries, and that the job market seems in better shape than a few months ago.
The OECD also notes that the Canadian unemployment rate, as defined by the International Labour Organization, fell to 7.5% in Q2 2011, vs. 8.5% in Q3 2009. In comparison, the average OECD unemployment rate fell from 8.8% to 8.2% during that same period. In addition, long-term unemployment is lowest in Canada, meaning that opportunities are relatively open for job seekers. During Q1 2011, about 13% of Canadian job seekers had been unemployed for over a year, vs. almost 35 % for OECD member countries on average.
The report mentions that there is a risk that the current global instability could impact Canada, which would see its unemployment rate increase temporarily. Despite these bright spots, certain groups remain disadvantaged. The unemployment rate of young workers is 52%, or 4% less than Q1 2008. For low-skilled labour, this rate was 44% in Q1 2011, vs. 49% three years earlier, for a decrease twice that of the OECD average. In addition, the recession strongly impacted the salary gap between high-skilled and low-skilled workers in Canada more than elsewhere.