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The 2018 Jobs Outlook for Canada

The 2018 Jobs Outlook for Canada

Whether you’re a candidate looking for a job or a growing business in need of a recruitment agency in Canada, it’s important that your vision for the future is grounded in the realities facing the economy in the coming months and years. Here we’ve gathered predictions for employment and hiring in Canada through 2018:

Signs of Economic Resilience

Projections by the International Monetary Fund put Canada’s 2017 economic growth at the top of the world’s largest advanced economies. The IMF raised its projections for the country’s GDP for 2017 from 2.5 percent to 3 percent in the fourth quarter, putting it ahead of the United States, which experienced 2.2 percent growth in 2017. Canada also experienced stronger growth than all the other remaining Group of Seven countries – Japan, Germany, Italy, the United Kingdom, and France.1

Next year, the IMF expects Canada’s economy to slow slightly to 2.1 percent. This would make it the G7 country with the second highest growth rate behind the U.S., which is projected to have a 2.3 percent economic growth rate in 2018.2

The Canada Economic Mood Index, a measure of consumer confidence, outperformed expectations for most of 2017 and is expected to remain strong going into next year.3 

Jobless Rate Hits 10-year Low

The jobless rate dipped to 5.9 percent in November following a strong increase in new employment, with employers adding 79,500 positions over the month. It was among one of the lowest Canadian jobless rates recorded in the past 40 years and the first time it has dropped below 6 percent in almost a decade. Increased employment and earnings are helping to offset severe declines in exports in the third quarter of 2017. Indeed, economists now say a projected downturn in the Canadian economy in 2018 will likely be milder than originally anticipated.4  

According to the Organization for Economic Co-operation, a multi-country economic stimulus group, wages have begun to rise slightly in Canada after a long period of flat incomes. Wage increases contribute to the distribution of wealth through all economic levels and indicate a slightly tightening job market.

Next year, economic growth is forecast in every Canadian province for the first time since 2011. The robust nationwide economy is due, in part, to the rebounding oil and gas industry in Alberta, Newfoundland, and Labrador. In 2015 and 2016, Alberta experienced the lowest economic growth in Canada when oil prices plummeted to $50 a barrel, which resulted in massive layoffs, a freeze in investments, and oil rig shutdowns. Since this time last year, however, the number of active oil rigs in Canada has almost doubled.6

Jobs in the oil and gas industry are among the fastest-growing in the country, according to a 2015 CareerBuilder Canada list of occupations and industries projected to experience higher-than-average growth between 2015 and 2020. During that time period within the oil and gas industry, petroleum engineer employment is expected to grow by 6 percent, well drilling and well service jobs by 14 percent, and financial auditor positions by 14 percent. The computer systems industry is also projected to increase jobs, with information systems analyst and consultant positions growing by 9 percent, computer programmer jobs growing by 7 percent, and software engineer and designer roles growing by 16 percent.7 

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1 "IMF Hikes Canada's Growth Forecast to Lead the G7 This Year, No. 2 in 2018." The Canadian Press. Financial Post. Web. 10 Oct 2017.
2 Ibid. 
3 Quinn, Greg. "Canadian Consumers on Track for Most Confident Year Since 2014." Bloomberg. 4 Dec 2017.
4 Quinn, Greg and Argitis, Theophilos. "Red-Hot Jobs Market Gives Unexpected Boost to Canada's Economy." Bloomberg. Web. 1 Dec 2017.
5 Pittis, Don. "Seasonal Employment Adds to a Tight Job Market That May Not Last: Don Pittis." CBC News. Web. 30 Nov 2017.
6 Quinn, Greg and Saraiva, Catarina. “Alberta Is About to Be Canada’s Fastest Growing Economy Again.” Bloomberg. Web. 28 July 2017.
7 "15 of the Fastest-Growing Occupations in Canada." CareerBuilder Canada. Web. 11 June 2015.

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