2013 Left Us Wanting More … Jobs
The December jobs reportÂ was a spectacular finish (not in a good way)Â to a rather discouraging year for the Canadian labour market. When the dust had settled, it turned out thatÂ employment growth averagedÂ 8,500Â per month inÂ 2013, compared withÂ 25,900Â inÂ 2012.
This anaemic job growth was not enough to keep up with the growth in the labour force, asÂ on average, 10,500 new jobseekers entered the labour market each monthÂ in 2013. Even more disappointing, 80% of job growth over the year was in part-time work.
Young workers and men age 25-54 bore the brunt of the labour market slowdown. Only workers over 55 saw an improvement in their employment rate in 2013.
Un(der)employment was 14%, nearly double the headline rate of 7.1% for the year.
With continued budget cuts expected from provincial and federal governments, household debt-to-income ratios at all time highs, and meagre business investment, it’s hard to see how the picture will improve in 2014.