The Canadian job market is red hot once again. The country added 80,000 jobs in November during a time when most predicted the economy would start slowing down.
With the unemployment rate dropping to 5.9%, it is the lowest it has been in nearly a decade. The last time it was this low was February 2008, right before the global financial crisis.
“The Canadian labor market appears unstoppable at this point, with a twelfth consecutive month of job gains,” TD Bank senior economist James Marple wrote in Huffington Post.
“During the last 40 years the unemployment rate has only been (marginally) lower in one month — December 2007 when it hit 5.8 per cent,” he adds.
The Job Market by the Numbers
Here is a look at the recent changes to the Canadian job market over the past year:
- 80,000 new jobs added in Canada
- Unemployment rate dropped to 5.9%, down from 6.3% in October
- Canada has added 390,000 new jobs in 2017
- There has been a 2.1% increase in total jobs
- Ontario’s jobless rate fell to 5.5% – the lowest since July 2000
- Ontario added 44,000 new jobs
What Does a Lower Unemployment Rate Mean for Companies Looking to Hire
The recent hiring frenzy in Canada should be lighting a fire under companies looking to hire. Why?
- The labour supply is shrinking, creating a talent shortage
- There are fewer qualified candidates seeking employment
- There is greater competition to recruit top candidates
- The power is in the hands of candidates – they have more options than ever
- Hiring companies will need to offer great incentives to attract candidates
A Lower Unemployment Rate = Greater Urgency for Hiring Companies
If you are planning on hiring, you need to do so more quickly. Candidates will not wait around for you. The longer you wait to hire, the greater the risk of losing out on highly qualified candidates. Review your hiring process, correct inefficiencies and create incentives that will attract the type of talent you want working in your organization.
More Job Market Trends and Information
Learn more about how the job market can impact your hiring abilities by checking out these insightful blog posts by our experienced recruiters:
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