Unemployment rates — Canada, monthly During the recession, a quick deterioration in the labour market led to a simultaneous rise in the unemployment rate and a fall in the employment rate. This is evident in both the unemployment and employment rates which after 4 years from the start of the s slump had not returned to pre-recessionary levels. The rise in the unemployment rate and the decline in the employment rate have not been as harsh as in the previous two recessions. Further, the overall level of both the employment and unemployment rates indicate superior labour-market conditions entering the downturn as compared to the previous two recessions.
Statistics Canada, Cansim table The outflow Labour market context the Atlantic provinces is significantly lower -1, per year since FY compared with -6, on average, in the previous two years.
In addition to interprovincial migration, some workers may also commute regularly — commuting daily or fly-in, fly-out—between their province of residence and another one for work.
The results of this study indicated that smaller provinces that is, Atlantic Canada had a larger percentage of their Labour market context workforce participating in interprovincial employment. The important out-migration flows recorded by Atlantic provinces over the last decades combined with their high levels of interprovincial employees have further exacerbated the limited pool of available workers in those provinces.
At the same time however, interprovincial employment has also made these provinces slightly more at risk to feel the effects of economic shocks originating in other parts of the country as these may have corresponding impacts on local labour markets and the use of Employment Insurance which is based on residence as a result.
Labour supply have been through significant changes reflecting the impact of population ageing, public policies and the demand for high-skilled workers or workers with a university degree.
Job composition has also changed, as a greater share of jobs now require postsecondary education and are found in the services-producing industries. These changes had repercussions on the unemployed population which is also composed, on average, of a greater share of postsecondary graduates and individuals with no recent work experience.
Footnote 17 Population ageing, notably driven by lower fertility rates and longer life expectancies, can be expected to affect the economy profoundly, both in the demand for goods and services and in the supply of labour. Participation in the labour force largely corresponds to key life events and therefore, age.
In general, individuals aged between 15 and 19 years old are primarily pursuing their studies and are not as active in the labour force. As this group gets older, a declining share focuses on their study and a greater one become more active labour market participants.
Following the core working years, between 25 and 54 years old, individuals will tend to exit the labour force in greater numbers as they begin to retire. As a result, changes in the distribution of the workforce across different age groups such as the increase in the share of the workforce aged 55 years old and over observed in recent years, may affect aggregate labour supply.
In addition to fluctuations in the age composition of the labour force, changes in labour force participation rates—share of individuals of a given socio-economic group participating in the labour market—over time also affects aggregate labour supply.
In particular, public policies and educational attainment are key factors which likely play a role. This increase aligns with a more general trend observed for Canada as a whole as labour market participation of women increased by Nevertheless, the participation rate of women remained below the labour market participation rate for men by about nine percentage points in FY Over the years, public policies, financial factors and imbalances between labour supply and labour demand, among other factors, may also have contributed to the shifts observed in labour market participation of workers nearing retirement age.
More or less generous retirement pensions as well as performing or underperforming stock markets likely affected retirement income and may have either moved forward or pushed back the decision to retire. For instance, since its implementation in the s, the Canada Pension Plan CPP underwent various reforms, some of which coincided with changes in available labour demand and labour supply.
Chart 5 shows that changes in CPP in the late s, a period associated with high unemployment rates, were combined with a declining trend in the average retirement age.Labour market context Economic overview Canada’s real Gross Domestic Product (GDP) rebounded in the fiscal year beginning on April 1, and ending on March 31, (FY), increasing by %, following its slowest growth rate recorded since the to recession (+% in FY).
The Labour Market Context of HRM 4 Introduction The purpose of this chapter is to provide an assessment of the contemporary labour market context of HRM and the impact of current trends in labour supply and demand on the practices associated with HRM.
Labour market. The Labour Market Context of HRM 4 Introduction The purpose of this chapter is to provide an assessment of the contemporary labour market context of HRM and the impact of current trends in labour supply and demand on the practices associated with HRM.
In the labour market, employers compete to hire the best, and the workers compete for the best satisfying job. Description: A labour market in an economy functions with demand and supply of labour. In this market, labour demand is the firm's demand for labour and supply is the worker's supply of labour.