The labor force in Canada increased in August but decreased the prior two months and is still lower than it was before the summer. Much of this can be attributed to the highest number of Canadians retiring ever. The proportion of Canadians aged 55 to 64 who say they retired within the past year has reached a new high. Despite three months in a row of employment losses, the number of job openings and ads is still significantly higher than it was before the outbreak.
During the pandemic, more than 620,000 Canadians turned 65 or older, representing a 9.7% rise in that demographic. Despite a record number of nurses reporting working after hours, Canada has lost 34,400 healthcare jobs since May. In the G7, Canada has the highest proportion of people who are of working age in the total population, despite the fact that its labor force has never been older. Retirements decreased as many Canadians choose to work longer during the pandemic.
Many are attempting to make up lost time now that the limitations have been relaxed. In August, there were 307,000 Canadians who had retired from their jobs at some time in the previous year, an increasing 31.8% over the previous month. In Canada, one out of every five workers is 55 or older. Due to both the frenzied demand for more commodities caused by the pandemic and the aging of the population, the transportation sector is likewise experiencing a severe personnel shortage.
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