Tuesday, September 16, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

Recession or not, Canadian employers look to hang onto workers By Reuters

by Reuters
November 11, 2022
in Stock Market
Reading Time: 3 mins read
A A
0
Home Stock Market
Share on FacebookShare on Twitter


© Reuters. FILE PHOTO: A sign advertising available jobs at the Clocktower Brew Pub hangs in a window in Ottawa, Ontario, Canada, November 9, 2017. REUTERS/Chris Wattie/File Photo

By Steve Scherer and Julie Gordon

OTTAWA (Reuters) – Some Canadian employers say they plan to hold onto their workers even if the economy slips into a recession rather than risk not be able to rehire later, which should put a lid on job losses and soften the economic blow of the slump.

Canada’s jobless rate dropped to a record low of 4.9% over the summer and has since edged up to 5.2%. In October, the economy added a net 108,300 jobs, and wages growth climbed to 5.5%, even as the economy began to stall.

The challenge of hiring over the last few months is giving employers pause.

“I don’t anticipate layoffs at all,” said Mark Seymour, CEO of trucking service Kriska Transportation Group in Prescott, Ontario. Up until a few months ago, Kriska’s 1,200 employees were too few to keep up with demand, Seymour said.

Now trucking activity, a leading indicator, has fallen off about 5% from earlier this year, Seymour told Reuters.

Seymour said his company hauls for one major car manufacturer who is expecting to be able to boost production again soon. “They’ve told us to get ready,” Seymour said.

Booming domestic demand has helped keep inflation high in Canada, leading the Bank of Canada to hike its benchmark rate by 350 basis points since March to 3.75%, a 14-year high. Another increase expected in December.

Governor Tiff Macklem reiterated on Thursday that Canada’s economy would slow significantly over the coming months and the jobless rate would rise from historic lows, but said it would not be a severe recession.

“Because the labor market is so hot and we have an exceptionally high number of vacant jobs, there is scope to cool the labor market without causing the kind of large surge in unemployment that we have typically experienced in recessions,” he said.

To be sure, some sectors will be hit harder than others. Tech companies like Shopify (NYSE:) Inc have already made cuts and Canada’s tanking housing market will hit real estate, banking and construction workers.

With recession headlines spooking consumers and slowing demand, some companies are looking at scaling back sales functions a bit, said David King, senior managing director for recruitment agency Robert Half (NYSE:).

But overall, demand for professionals is strong. “I think the balance of power still remains with the candidate side of the equation,” King said.

Dennis Darby, who heads Canadian Manufacturers and Exporters business lobby, says there are still some 80,000 vacancies in manufacturing.

“The last thing that any manufacturer I’ve talked to is talking about is laying anybody off,” he said.

ONE MILLION JOBS

Canada has nearly a million open jobs and just over a million unemployed people. Most open jobs are in healthcare and high-contact services, along with skilled-trade heavy sectors like construction and manufacturing.

“The one consistent thing I’m hearing, regardless of where I am – what region, what province – is access to labor,” said Stuart Bergman, chief economist at Export Development Canada. “They’re still looking for workers, and in particular skilled workers.”

As global supply chain bottlenecks dissipate, labor demand will rebound in sectors that have a backlog of orders due to forced production cuts. Carmakers, for example, had to slash output by 25% amid the semiconductor shortage.

“No one is looking at cutting employees, especially because the one thing that we are all waiting for in 2023 is the return of semiconductor supply,” Flavio Volpe, Canada’s Automotive Parts Manufacturer’s Association.

“A lesson we’ve learned in the last few years is if to let people go, they don’t come back.”



Source link

Tags: CanadianemployersHangRecessionReutersWorkers
Previous Post

liquid fund: Shift idle funds from bank accounts to a liquid fund: Rajeev Thakkar

Next Post

FTX contagion victim Deepak.eth puts NFT collection up for sale

Related Posts

Wall Street Lunch: Trump Proposes Shift To Semiannual Earnings (undefined:TSLA)

Wall Street Lunch: Trump Proposes Shift To Semiannual Earnings (undefined:TSLA)

by Wall Street Breakfast
September 15, 2025
0

Getty Photographs Hear beneath or on the go on Apple Podcasts and Spotify The president says ending quarterly reporting will...

The Gabelli Utilities Fund Q2 2025 Commentary (undefined:GAUIX)

The Gabelli Utilities Fund Q2 2025 Commentary (undefined:GAUIX)

by Gabelli Funds
September 15, 2025
0

This text was written byComply withGAMCO Traders, Inc. is a well known diversified asset supervisor and monetary providers firm. The...

VYMI Vs. VYM: International High Yield Stocks Offer Better Value But Larger Risk (VYMI)

VYMI Vs. VYM: International High Yield Stocks Offer Better Value But Larger Risk (VYMI)

by Ivo Kolchev
September 14, 2025
0

This text was written byComply withI ventured into investing in highschool in 2011, primarily in REITs, most well-liked shares, and...

Regions Stock: Adding The High-Yielding Preferred Stock To My Portfolio (NYSE:RF)

Regions Stock: Adding The High-Yielding Preferred Stock To My Portfolio (NYSE:RF)

by The Investment Doctor
September 13, 2025
0

This text was written byObserveThe Funding Physician is a monetary author, highlighting European small-caps with a 5-7 12 months funding...

I Own The Gas Pump With Up To 10% Yields

I Own The Gas Pump With Up To 10% Yields

by Rida Morwa
September 14, 2025
0

This text was written byObserveRida Morwa is a former funding and industrial Banker, with over 35 years of expertise. He...

Lineage Cell Therapeutics, Inc. (LCTX) Presents at H.C. Wainwright 27th

Lineage Cell Therapeutics, Inc. (LCTX) Presents at H.C. Wainwright 27th

by SA Transcripts
September 13, 2025
0

Comply withPlay Earnings NamePlay Earnings NameLineage Cell Therapeutics, Inc. (NYSE:LCTX) H.C. Wainwright twenty seventh Annual World Funding Convention September 8,...

Next Post
FTX contagion victim Deepak.eth puts NFT collection up for sale

FTX contagion victim Deepak.eth puts NFT collection up for sale

Deutsche makes ‘leap-of-faith’ upgrade to Walgreens, says stock could rally 30%

Deutsche makes 'leap-of-faith' upgrade to Walgreens, says stock could rally 30%

Monday Night Football: How to Watch Buccaneers vs. Texans, Chargers vs. Raiders Tonight

Monday Night Football: How to Watch Buccaneers vs. Texans, Chargers vs. Raiders Tonight

September 16, 2025
Trump says US struck another Venezuelan drug vessel, killing three | News

Trump says US struck another Venezuelan drug vessel, killing three | News

September 15, 2025
How to install a smart light switch or dimmer

How to install a smart light switch or dimmer

September 15, 2025
ITR Filing Deadline Extended Till Sept 16 Amid Complaints Of Glitches On E-Filing Portal

ITR Filing Deadline Extended Till Sept 16 Amid Complaints Of Glitches On E-Filing Portal

September 15, 2025
Wall Street Lunch: Trump Proposes Shift To Semiannual Earnings (undefined:TSLA)

Wall Street Lunch: Trump Proposes Shift To Semiannual Earnings (undefined:TSLA)

September 15, 2025
Israeli drone camera co NextVision raising 0m

Israeli drone camera co NextVision raising $400m

September 15, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

Monday Night Football: How to Watch Buccaneers vs. Texans, Chargers vs. Raiders Tonight

Trump says US struck another Venezuelan drug vessel, killing three | News

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In