Is the Canadian Job Market Losing Steam? Leave a Comment / By Resumofy / August 31, 2023 So, what’s happening to the Canadian Job market? While the labour market remains sturdy, recent indicators suggest a slight softening. Unemployment has gradually increased since May. Notably, Dave McKay, RBC’s CEO, has projected reduced growth and weaker inflation due to elevated interest rates, a decelerating Chinese economy, and various associated risks. Adding to this narrative, a fresh analysis of Statistics Canada data by The Globe and Mail reveals a new trend: Canadians are switching jobs less frequently. In July, the seasonally adjusted job change rate, indicating the proportion of workers retaining employment but transitioning between jobs from one month to the next, stood at 0.4%. This marks the lowest rate since 2020, contrasting with the 2016-2019 average of 0.7%. Traditionally, a higher job-change rate in the Canadian job market reflects a more robust labour market, where workers possess confidence in their job-switching abilities and frequently negotiate improved wages. The Globe concludes that this downward trajectory in job changes, combined with an uptick in unemployment rates and diminishing job openings, contributes to the mounting evidence of labour market weakening. Nevertheless, this weakening is set against the backdrop of a labour market that remains notably stronger compared to the period before the pandemic. Geographical variations are evident, with some cities experiencing more job fluidity than others. Vancouver leads in job-hopping, followed by Montreal and Calgary, according to a recent study referenced in Narcity. In contrast, Ottawa stands out for a significant percentage of workers remaining with their current employers, potentially linked to its status as a hub for long-serving federal government employees. Market Snapshot In the context of AI’s transformative impact on the workforce, Canadian workers are actively acquiring new technical skills for adaptation, as highlighted in LinkedIn’s Workforce Confidence Index. To explore this further, access the report and subscribe to the Canada Workforce Insights newsletter. July saw relatively stable employment in Canada, with a marginal loss of approximately 6,400 jobs nationwide, primarily within the part-time sector. Noteworthy migration patterns of remote workers in Canada’s cities are outlined in a fresh analysis from LinkedIn. Statistics Canada reports that approximately four out of five Canadians are reverting to in-person work settings, marking a significant return from remote work. Ford’s collaboration with two South Korean firms to establish an electric vehicle battery component factory near Montreal is expected to generate around 345 jobs, reinforcing the region’s role in the global EV supply chain. Informed Choices For those contemplating a transition to freelancing and self-employment, careful consideration of key points is crucial. An IT services company in the Montreal area is extending a unique perk to its staff: the opportunity to book stays on a recently acquired island in the Laurentian Mountains. During job interviews, perceiving a distant demeanour from the interviewer shouldn’t necessarily be interpreted as negative. Some interviewers maintain a neutral stance to ensure a level playing field for all candidates. When explaining reasons for leaving a current role in an interview, it’s vital to articulate your priorities and address any potential concerns. Here’s how to craft your response effectively. For increased visibility of your resume, adopting the perspective of a “marketing document” can be beneficial, according to insights from The Cut. Visit Resumofy`s resume template section to download cutting-edge resumes to get your resume a fresh look.