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Job Growth Stays Hot in September

Research Weekly Insights Job Growth Hero
It seems like we’ve been discussing an impending recession for... months? Years? Yet every month we receive a reality check in the form of the Labour Force Survey. Once again job growth surprised us, with Canada gaining 64,000 (!) jobs. Unemployment sits at 5.5%, compared to 5.8% five years ago, and 7.1% 10 years ago.

And look at the strongest sectors: it’s all services. You won’t see stalwarts like manufacturing, oil and gas, farming or utilities on this list. Services are booming, and that’s no surprise given our much-discussed record high population growth. More people means more car repairs, more tutors, more waiters and more delivery drivers.

This is obviously good news... but of course there is a strange downside to this: the possibility of further rate hikes. I know, we’re tired of discussing the Bank of Canada. But despite talk of a recession, we still see high inflation, strong job growth, a rapidly growing population, and unaffordable housing. It’s possible the Bank will raise again this month – check your inbox in two weeks, I’m sure we’ll be discussing it.

Research Weekly Insights Job Growth Gap

Summary
Job growth in Canada was strong in September, especially in services such as trucking and food/beverage. For years surprising strength in the labour market has defied predictions of recession.


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Pour plus d’informations, veuillez contacter:

Adam Jacobs

Head of Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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