Overall, the country has seen improvement in job growth. According to Statistics Canada, 41,000 jobs have been added. The rate of growth, however, has been slow. In the second half of 2023, gains averaged around 23,000 jobs per month, compared to the first half of 2023.
It is important to note that the growth of jobs available is not proportionate to the population growth in communities. Although a few full-time jobs and many part-time jobs have become available, the unemployment rates are not decreasing significantly.
While jobs are being added to the market, considering population growth and the slow economy, the opportunities are currently insufficient.
It is difficult to predict how many jobs will become available for the rest of 2024, but based on current trends, job growth may potentially be slow for a few months. While there is job growth, it is not enough to meet the demand from job seekers looking to enter the workforce.
When the economy slows, naturally, the number of jobs being created will decrease. However, as government policies and infrastructure projects move towards growth, they can stimulate the economy and create more jobs.
Despite the slow economy, there is still a shortage of skilled labor in fields such as information technology, healthcare, and other trades. Exploring opportunities or training in these trades can open up growth opportunities in those areas.
The current unemployment rate as of March 2024 is at 5.8%, based on December 2023 data from Statistics Canada. It is important to note that the unemployment rate continues to fluctuate throughout the year based on various criteria.
Canadians have continued to show interest in gig work to add or supplement their existing incomes. For many people, gig work has become their main source of livelihood. Gig work, which is mostly task-based, does not involve long-term contractual obligations but offers the flexibility of time or the opportunity to align work with hobbies.
The advantages of having full-time work include better planning, a healthy and productive living conditions, and eligibility for mortgages and childcare expenses for those choosing to raise families on good living wages.