Category Archives: Labour Market

Canadian Economy: Fall 2017

Canadian Economy: Fall 2017

Employment

Canadian full time employment for core-age workers (25-54) strengthened through the first half of 2017 and is continuing into the third quarter although at a slower pace.  Annual Canadian employment growth strengthened to above 2% during the summer months lowering the national unemployment rate.

Total employment rose by 186,000 (+1.0%) during the first half of 2017, led by gains in full-time work and among core-age individuals (aged 25 to 54). Gains in professional, scientific and technical services and in health care and social assistance, accounted for over two-thirds of the overall increase with manufacturing leading the goods sector growth.

BC Led Employment Growth

British Columbia led employment growth among the provinces during the first six months of the year; overall full-time employment in British Columbia rose by 78,000.

National Real GDP

Real gross domestic product (GDP) increased in a number of goods and services industries from November 2016 to June 2017, with increases occurring in mining, quarrying, oil and gas extraction, manufacturing, construction wholesale trade, retail trade, and finance industries.  Overall, real GDP growth, measured year-over-year, increased steadily from January, before rising above 4% in May and June.  Over the past four quarters, economic growth in Canada has outpaced growth in the United States

Despite this robust economic growth, the consumer price inflation decelerated from 2.1% in January 2017 to 1.0% in June.  This reduced inflationary pressure appears to influence consumer spending supported by higher outlays on automobiles, clothing, footwear and housing-related expenditures.

 

Retrieved and adapted October 19, 2017 from http://www.statcan.gc.ca/pub/11-626-x/11-626-x2017075-eng.htm

Looking for a job?

Job Vacancies, 2017 (2nd Quarter)

An indicator of a positive and growing economy is the number of job vacancies in a labour market.  Since the 2nd quarter of 2016, BC has recorded 14,000 job vacancies with the majority concentrated in two of the seven economic regions of the province: Lower Mainland—Southwest (+10,000) and Vancouver Island and Coast (+1,900).

As such, British Columbia continued to have the highest job vacancy rate among the provinces at 4.0%, up from 3.5% one year earlier.

The job vacancy rate is defined as the portion of jobs that are unfilled out of all available payroll jobs expressed as a percentage of labour demand.  A positive value means there are a number of jobs unfilled in a labour market.

In many sectors, British Columbia had a job vacancy rate above the national average, notably in accommodation and food services (6.4%), administration and support services (5.9%) and construction (5.2%) which means if you are looking for a job, employers in these sectors are very eager to hire qualified new employees.

10 Economic Regions with the Highest Job Vacancy Rates in Canada

This table shows which regions in Canada had the greatest number of job vacancies (level of unoccupied positions) for the last quarter of 2016.  (Note 5 of the ten are in BC).  According to StatsCan there were 402,000 jobs vacant in Canada at the end of 2016 with a portion of those in BC.

Now past rates don’t indicate future trends but if these regions have had a difficult time finding employees a few months ago, that trend may continue for a while. So, if you are looking for work and are open to travel to a different region, these 10 are good options. Employers are looking for smart, educated employees, self directed and willing employees.  Take time to research each region through a local Labour Market site.

 

 

July 2014 Labour Force Survey

July 2014 Labour Force Survey
Brief adapted from http://www.statcan.gc.ca/daily-quotidien/140808/dq140808a-eng.htm?cmp=mstatcan

Summer employment for students*
Age Unemployment Rate
20 – 24 8%
17 – 19 16.8%
15 – 16 28%

30,000 more students aged 20 to 24 were employed in July 2014 compared to July 2013 resulting in an unemployment rate of 8% and employment rate of 70%, little changed when compared with a year earlier.
According to the LFS most of the increase occurred in part-time employment.

For students aged 17 to 19, the July 2014 unemployment rate was unchanged at 16.8% with an employment rate of 58.5% both rates similar to those observed in July 2013.

Students aged 15 to 16, suffered an unemployment rate of 28.0%, with an employment rate of 29.6%, virtually unchanged compared with July 2013.
*NOTE: The Labour Force Survey collects labour market data from May to August, about young people (students) aged 15 to 24 who were attending school full time in March and who intend to return to school full time in the fall. Statistical comparisons are on a year-over-year basis, as the published data is not seasonally adjusted.

Comparisons
Province Unemployment rate
BC 6.1
Alberta 4.5
Saskatchewan 3.3
Manitoba 5.1
Ontario 7.4
Quebec 8.1
New Brunswick 9.8
Nova Scotia 9.1
Prince Edward Island 9.4
Newfoundland/Labrador 11.9

Canada-US comparison**
Canada 6.0%
US 6.2%
**Note: Adjusted to US concepts
For further information, see “The labour market in Canada and the United States since the last recession, 2007 to 2014.” http://www.statcan.gc.ca/daily-quotidien/140730/dq140730b-eng.htm