Canada, US unemployment at a five-year low – continued job growth expected
In the latest Labour Force Survey from Statistics Canada, this country’s unemployment rate held steady at 6.9%, the lowest it has been since the start of the recession in late 2008. Similarly, the US Federal Reserve announce today that unemployment rate south of the border had dropped to 7% – also a five-year low.
According to Statistics Canada, the Canadian economy added 22,000 jobs in November with the increased number of people working in the private sector partially offset by fewer workers employed in the public sector.
Most of the employment gains were in Alberta, while there were losses in Newfoundland and Labrador. Employment held steady in the other provinces in November.
Last month saw more people working in business, building and other support services; manufacturing; as well as the information, culture and recreation sectors. At the same time, employment decreased in public administration and in construction.
Online job postings
Workopolis takes a look at the number of jobs posted online each month to see where potential employment trends can be spotted. Online job postings were up 22% in November 2013 versus this same period last year.
While there were slight seasonal dips in job postings for most industries (from 1%-8%), all fields were up year-over-year. The biggest growth was in Trades, Transport & Equipment Operators (Skilled Trades) which saw a 40% increase in job postings last month over November 2012.
With a 30% jump in postings the Processing, Manufacturing, Utilities, and Natural Resources sector also experienced significant increased hiring, and the Sales and Service industry similarly saw a 30% year-over-year growth in job postings.
The West saw the greatest increase in online job postings year-over-year with a 33% increase. Ontario was up by 28%. Job postings in the Atlantic Provinces were up 27% over last November. Quebec saw a slight dip of -4% year-over-year.
Forecasting
Overall, the economic outlook remains positive in both Canada and the US.
So our longer term projections also remain in positive growth territory. Online job postings continue to increase month over month. This and the key economic indicators that we watch continue to be positive, and so Workopolis would expect to see increased hiring continue into the New Year and ongoing slow but steady growth in employment.
Candidates’ confidence up
Workopolis polled about 5,000 users, and it turns out that candidates are also feeling more positive about the job market than they were a year ago. Compared to 2012 almost twice as many Canadians believe the job market will improve going into 2014.
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