Canadian Job Security at Odds with Bleak Employment Outlook

Despite feeling secure in their current jobs, Canadians are uncertain about the economy and struggling to find work. A recent Angus Reid poll found that among employed Canadians, 87% consider their jobs secure, unchanged from a year ago.

However, the job market is a different story for those looking for work or searching for someone who is. An astonishing 77% of respondents described the current job market as 'bad' or 'terrible', highlighting a significant disconnect between job security and finding employment.

The Canadian economy has been stagnant this year, with only 26,000 net jobs added since January. August saw a particularly bleak month, with 42,000 jobs lost. While layoffs remain relatively uncommon, the ratio of unemployed Canadians to available jobs has worsened, standing at nearly three-to-one, almost triple the ratio seen during the labour shortages of 2022.

The uncertainty surrounding Canada's trading relationship with the US is contributing to these economic concerns, which the Bank of Canada has identified as a significant risk. Despite this, there are signs of improving growth.