Every other week, we release 5 Minutes for Business, a publication written by Hendrik Brakel, our Senior Director of Economic, Financial and Tax Policy. In these publications, Hendrik briefly describes current issues that affect the Canadian economy and provides insight on what it will mean for Canadians today and the future. In this week’s edition, he examines the job situation in Canada.
Jobs are always a top issue in a federal election, but with this shaky economy, it’s fast becoming the number one priority. Recent news hasn’t been great: in the first quarter, Canada’s GDP shrank by 0.6%, exports tumbled 5.6% and corporate profits fell by 14% as the drop in oil prices slammed the Canadian economy.
And yet the Canadian labour market has held up well, adding an average of 20,000 jobs per month since the beginning of 2015. In fact, Canada added a rip-roaring 59,000 jobs in May. What gives?
Add to the mix the fact that although energy-rich provinces once drove job creation while the manufacturing sector of Central Canada lagged behind, the situation is now flipped because of lower oil prices and a weaker Loonie. Still, the outlook is very mixed.
Let’s try to make sense of this. Read this week’s “5 Minutes for Business” to explore the region disparities in job creation, to find out which sectors are performing and which ones aren’t (hint: it may not be the ones you usually think of!) and what to expect in coming months.
Read 5 Minutes for Business.
For more information, please contact Hendrik Brakel.