Canada Job Vacancies Still High In August But Economy Slowing Down
Jobs have been shed all through Canada in August and economists at the moment are warning the second half of this yr will see decrease GDP progress – however the variety of jobs going begging for a scarcity of staff remains to be increased than it was throughout the identical month final yr.
In its Payroll Employment, Earnings And Hours, And Job Vacancies, August 2022 report launched this week, Statistics Canada reveals jobs vacancies did soften a bit in August, falling to 958,000 in comparison with 964,000 in July. The variety of staff in paid jobs, although, was nonetheless up that month in comparison with August 2021.
Throughout that month final yr, there have been solely 919,200 job vacancies, or 4.1 per cent lower than this yr.
There is no such thing as a doubt Canada’s financial progress is slowing down. After second-quarter GDP progress of three.3 per cent, TD Economics is forecasting the slowdown within the second half of this yr will pull down GDP progress to 3 per cent for this yr.
After which, the economic system will decelerate much more subsequent yr. TD Economics is forecasting just one per cent financial progress in 2023.
“The affect of upper rates of interest and elevated inflation will more and more depart its mark on total spending exercise in late 2022 and into 2023,” famous TD Economics in its Canadian Quarterly Financial Forecast, Threading the Needle.
“Given the anticipated slowing in demand, the underlying financial dynamics received’t be ample to generate sufficient jobs to soak up folks coming into the labour pressure or these already on the sidelines,” states the report launched late final month.
“This implies the unemployment fee ought to push increased. It has already risen from a low of 4.9 per cent to five.4 per cent and is anticipated to succeed in 6.5 per cent in 2024.”
The variety of paid staff in Canada slumped by a tenth of a share level in August, a drop of twenty-two,200 jobs.
“The general payroll employment decline was led by losses in Quebec, which shed 28,100 jobs, and Ontario, which misplaced 13,800, which have been partially offset by beneficial properties in British Columbia, which added 8,100 jobs, and Manitoba, which additionally added 2,800 jobs,” notes Statistics Canada.
Skilled, Scientific And Technical Providers Sector Is Nonetheless In Hiring Mode
International nationals hoping to immigrate to Canada via the nation’s financial immigration applications can take consolation in the truth that there are nonetheless virtually a million jobs up for grabs.
And, in some sectors, employers are bucking the nationwide pattern. They’re in hiring mode.
“Payroll employment within the skilled, scientific and technical companies sector elevated by 5,200 jobs in August, following a achieve of seven,900 in July,” notes Statistics Canada.
British Columbia added 2,900 paid staff and Ontario added one other 2,800, the biggest beneficial properties in Canada on this sector.
“Nationally, beneficial properties inside the sector have been concentrated within the pc techniques design and associated companies and administration, scientific and technical consulting companies industries,” notes the statistical and demographic companies company.
“Payroll employment in pc techniques design and associated companies has continued to outpace the sector’s total progress fee, bringing the entire achieve to 65,900 since September 2021.”
Underneath the Specific Entry system, immigrants can apply for everlasting residency on-line in the event that they meet the eligibility standards for certainly one of three federal immigration applications, the Federal Expert Employee Program (FSW), Federal Expert Trades Program (FST), and Canada Expertise Class Program (CEC), or a taking part provincial immigration program.
Provinces And Territories Nominate Candidates By means of Their Provincial Nominee Packages
Candidates’ profiles then are ranked in opposition to one another in response to a points-based system referred to as the Complete Rating System (CRS). The very best-ranked candidates can be thought-about for an Invitation to Apply (ITA) for everlasting residence. These receiving an ITA should rapidly submit a full utility and cost processing charges, inside a delay of 90-days.
By means of a community of Provincial Nominee Packages (PNP), virtually all of Canada’s ten provinces and three territories may also nominate expert employee candidates for admission to Canada once they have the particular expertise required by native economies. Profitable candidates who obtain a provincial or territorial nomination can then apply for Canadian everlasting residence via federal immigration authorities.
The most important losses in jobs in August have been within the building trade, which misplaced 21,900 jobs, adopted by mining, quarrying, oil and fuel extraction which shed one other 1,800 jobs. Forestry and logging, manufacturing, and the utilities sectors held their very own.
Within the service sector, retailers dropped 8,200 staff, about 0.4 per cent of that workforce.
Attributable to inflation, Canadian staff have been worse off in August this yr when it got here to their buying energy than that they had been a yr earlier. Their common weekly earnings have been up 3.2 per cent over that yr however inflation was up by much more, seven per cent.