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.

The sharing Economy in Canada

Many of us have taken an Uber or stayed at a private residence through AirBNB when we travel.  According to Statistics Canada it is estimated that in one year (November 2015 to October 2016) over $1.1 Billion was spent by Canadians domestically ($367 million) and internationally ($698 million) for private accommodations and $241 million on ride sharing. (StatsCAN, 2017,02,28).

In BC the PST (provincial sales tax) on accommodations is 8% and each typical hotel/motel room generates an additional MRDT (municipal and regional district tax) of up to 3% to raise revenues for tourism marketing, projects and programs within the municipality.

It begs the question; what are the long term implications of this trend?  Although this report targets Canadian travelers, how much accommodation revenue is lost to international travelers visiting Canada due to the sharing economy?  What are the overall tax implications to communities? How much revenue is lost?

Full disclosure, I have stayed at an AirBNB’s while traveling and found the experience to be positive and at the time I did it purely to save money while in North Vancouver ($50 a night for a private room Queen bed and shared bathroom compared to  $120 plus $15 parking Queen bedroom).  Truthfully at the time I didn’t really consider the implications of my actions. I hadn’t considered the tax revenues lost to the province or the municipality. I was just looking for a cheap place to stay near the North Shore mountain biking trails.  Through this experience I gave up my typical autonomy and anonymity associated with hotel travel and gained a unanticipated experience meeting travelers from India, USA and UK. I was able to hear through their international eyes, and experiences what they thought of Vancouver, BC and Canada.  So I have seen both sides, but I will likely limit my shared accommodations adventures in the future

What are your thoughts? What are your experiences?

 

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

Canadian Employment Trends, June 2014

Canadian Employment Trends, June 2014
Employment increased by 60,000 in June for people aged 55+ dropping their unemployment rate down to 5.8%.

The unemployment rate rose slightly to 6.1% as employment declined by 26,000 for people aged 25 to 54, mostly among women.

44,000 fewer Canadians aged 15 to 24 were employed in June increasing the unemployment rate to13.4%.

Student summer employment*
The unemployment rate for students aged 20 – 24 was 12.0%, little changed from 12 months earlier with the number of employed, as a percentage of their population, was 67.4%, similar to that of June 2013.
*Note: May to August The Labour Force Survey collects and compares year over year data (not seasonally adjusted) for Canadians aged 15 to 24 who were attending school full time in March with the intend to return full time in the fall. As many students aged 15 to 19 are still in school, the June survey results provide the first indicators of the post-secondary summer job market, especially for students aged 20 to 24.
Retrieved and edited July 11, 2014 from http://www.statcan.gc.ca/daily-quotidien/140711/dq140711a-eng.htm

Best and Worst Words Used in a Resume

This is not original from me but I thought it was helpful for students as they write resumes, Source: Career Builder


Hiring Managers Rank Best and Worst Words to Use in a Résumé in New CareerBuilder Survey

CHICAGO – March 13, 2014 – One in six (17 percent) hiring managers spend 30 seconds or less, on average, reviewing résumés, according to a new CareerBuilder survey. A majority (68 percent) spend less than two minutes. With so little time to capture interest, even a candidate’s word choice can make a difference. The nationwide sample of employers identified which commonly-used résumé terms are overused or cliché and which are strong additions.

The national survey was conducted online by Harris Poll on behalf of CareerBuilder from November 6 to December 2, 2013, and included a representative sample of 2,201 hiring managers and human resource professionals across industries and company sizes.

“Hiring managers prefer strong action words that define specific experience, skills and accomplishments,” said Rosemary Haefner, vice president of human resources at CareerBuilder. “Subjective terms and clichés are seen as negative because they don’t convey real information. For instance, don’t say you are ‘results-driven’; show the employer your actual results.”

The Worst Résumé Terms

The following terms are résumé turn-offs as selected by respondents:

1. Best of breed: 38 percent

2. Go-getter: 27 percent

3. Think outside of the box: 26 percent

4. Synergy: 22 percent

5. Go-to person: 22 percent

6. Thought leadership: 16 percent

7. Value add: 16 percent

8. Results-driven: 16 percent

9. Team player: 15 percent

10. Bottom-line: 14 percent

11. Hard worker: 13 percent

12. Strategic thinker: 12 percent

13. Dynamic: 12 percent

14. Self-motivated: 12 percent

15. Detail-oriented: 11 percent

16. Proactively: 11 percent

17. Track record: 10 percent

The Best Résumé Terms

There are, however, several strong verbs and terms candidates can use to help describe their experience. The following are terms employers would like to see on a résumé:

1. Achieved: 52 percent

2. Improved: 48 percent

3. Trained/Mentored: 47 percent

4. Managed: 44 percent

5. Created: 43 percent

6. Resolved: 40 percent

7. Volunteered: 35 percent

8. Influenced: 29 percent

9. Increased/Decreased: 28 percent

10. Ideas: 27 percent

11. Negotiated: 25 percent

12. Launched: 24 percent

13. Revenue/Profits: 23 percent

14. Under budget: 16 percent

15. Won: 13 percent

Survey Methodology
This survey was conducted online within the U.S. by Harris Poll on behalf of CareerBuilder among 2,201 hiring managers and human resource professionals between November 6 and December 2, 2013 (percentages for some questions are based on a subset, based on their responses to certain questions). With a pure probability sample of 2,201, one could say with a 95 percent probability that the overall results have a sampling error of +/-2.09 percentage points. Sampling error for data from sub-samples is higher and varies.

About CareerBuilder®

CareerBuilder is the global leader in human capital solutions, helping companies target and attract great talent. Its online career site, CareerBuilder.com®, is the largest in the United States with more than 24 million unique visitors and 1 million jobs. CareerBuilder works with the world’s top employers, providing everything from labor market intelligence to talent management software and other recruitment solutions. Owned by Gannett Co., Inc. (NYSE:GCI), Tribune Company and The McClatchy Company (NYSE:MNI), CareerBuilder and its subsidiaries operate in the United States, Europe, South America, Canada and Asia. For more information, visit www.careerbuilder.com.

Media Contact

Ryan Hunt

773-527-6923

Ryan.Hunt@careerbuilder.com

http://www.twitter.com/CareerBuilderPR

CareerBuilder Media Contact
For all media inquiries and interview requests, contact:

Jennifer Grasz
(P) 773-527-1164
(E) jennifer.grasz@careerbuilder.com