Opinion: Even though the economy has been in slowdown since last fall, employment levels remain unusually high. And they are bound to remain higher than is typical of a recession, writes David Olive.
Every day brings news of more layoffs. At what point does a remarkably resilient Canadian labour market finally buckle with employers cutting costs ahead of a widely expected recession?To be sure, the rate of job creation will slow this year from 2022’s near-record levels, and there will be layoff announcements throughout the year.
“The surge in employment and rise in the labour force make this an incredibly positive ,” James Orlando of TD Economics said in aTrue, last year’s second half saw weakness in job creation in construction, transportation, and cultural industries. But those same sectors saw strong job growth in December.
It’s a market vulnerable to significant employer cost-cutting but still marked by severe labour shortages. Big Tech accounts for the largest of the recent layoffs, announced by household names like Microsoft, Apple, Amazon, Alphabet, Ottawa’s Shopify and so on. Meanwhile, Canada’s digital economy is expected to employ almost 2.3 million people just two years from now.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Douglas Todd: Powers of hereditary chiefs test many First NationsOpinion: Few things range more widely in Indigenous communities than the roles assigned to hereditary chiefs.
Read more »
Vaughn Palmer: B.C. Hydro's lack of foresight means LNG Canada will power with gasOpinion: 10 years ago, Hydro said the power wasn\u0027t needed on the North Coast.
Read more »
Vaughn Palmer: Eby's top-heavy leadership reflects approaching election dateOpinion: Approach has potential for conflicts, but it\u0027s crucial to B.C. premiers electoral chances
Read more »
Opinion: How Ottawa can help fix health care: first, send less moneyWhy did the provinces give up on trying to fix the system the early 2000s? It’s simple: the federal government came to their rescue
Read more »
Opinion | Ashley Stephenson, the Blue Jays’ second female coach, is no stranger to successStephenson, perhaps Canada’s greatest women’s baseball player and a university hockey champion, joins High-A Vancouver. Until a few years ago, she never thought it was possible.
Read more »