Unemployment on the Rise… Again

Emmet McGonagle

November 7, 2023

Canada’s unemployment rate is on the rise once again, this time reaching a 21-month high of 5.7% according to Statistics Canada. leading many to hint at an “economic slowdown” for the Great White North.


This marks the fourth month of an increase in unemployment in the past six months, with the rate expected to reach 6% by the end of 2023.


Tu Nguyen, economist RSM Canada shared via LinkedIn that “the impact of high interest rates on businesses and households is undeniable.”


On the topic, she continued: “Those currently unemployed and those just entering the workforce –youths, for instance, are finding it more challenging to find work as labour demand eases. Even though companies are not going through mass layoffs, hiring freezes are becoming the norm.”


The Bank of Canada will get one more jobs report before its next interest rate decision next month on 6 December, with experts predicting the central bank will not add a further rate hike.


This viewpoint is maintained by Charles St-Arnaud, chief economist at Credit Union Central Alberta, who explained: “The softening of the labour market, with weak job gains, slower wage growth and a rising unemployment rate, suggests that some slack is being created in the economy. This will be welcomed by the Bank of Canada, and we believe it means that another rate hike is very unlikely.”


However Stephen Tapp, PhD, chief economist at the Canadian Chamber of Commerce, claims this further rise in unemployment is “certainly not a cause for alarm yet”, though signals the strain of an increase in immigrants to Canada’s labour supply.


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Canadian Unemployment Grows in ‘Labour-Constrained Economy’

By Emmet McGonagle • December 1, 2023
Canada’s unemployment rate has trended higher once again this month, according to the latest iteration of Statistics Canada’s November labour force survey.

Workers Call for Pay Transparency

By Emmet McGonagle • November 29, 2023
More than half of workers believe that disclosing worker compensation details on job postings will lead to better equality in pay, according to the latest iteration of LinkedIn’s Workforce Confidence Index . The index - which is based on a survey of 3,302 members in Canada between June and September 2023 - found that 52% of people asked felt that people sharing their pay information (including salary and bonus) would improve workplace equality, compared to 48% in 2022. This number varies between different generations, with younger Canadians more likely to express support for pay transparency (73%), followed by 69% of Millennials, 46% of Gen X and 44% of Baby Boomers. However, 37% of those surveyed remarked that they felt anxious about sharing their pay information - a 2% rise from the year prior. Likewise, just under half (49%) said they felt well compensated for the work they do while 74% expressed that the pay gap between CEOs and employees had become too wide. The people of LinkedIn have come out in their dozens to give their two cents on the topic, with Adrienne Tom , executive resume writer for executives, saying: “ I'm all for salary transparency, so long as the number is clear and legit. Some postings list salary ranges so wide that the actual salary number isn't entirely clear, leaving job seekers confused.” “If you have a manager who is not advocating for the pay gap, you are working for the wrong manager,” remarked career strategist Sweta Regmi , while noting that women in Ontario earn an average of $0.87 for every dollar earned by men. On the topic, she added: “Salary ranges with job postings can help close the gender pay gap while allowing companies to find qualified candidates more quickly.” Do you have a question about angel investing? Get in touch with Valhalla Private Capital via our contact page .
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