Economic News from Canada

10 January 2020 - The Canadian economy added 35,000 new jobs in the month of December 2019. Economists call this an improvement after the economy lost nearly 71,000 jobs in the month of November 2019. The increase in December’s numbers means that the Canadian job market grew by 1.7% in 2019, which is an improvement on the 2018 rate of 0.9%.

Based on the numbers for November, economists had expected an addition of 25,000 jobs. However, the number of jobs added exceeded their expectations. The provinces of Ontario and Quebec generated the largest number of jobs (25,000 and 21,000 respectively), which were offset by a few job losses in other provinces. The increase in jobs in December reduced the jobless rate of Canada by three points to 5.6%. Learn more about jobs and salaries in Canada

6 January 2020 - A report published by the Royal Bank of Canada (RBC) states that climate change and an ageing population would be two of the biggest challenges the Canadian economy would have to face in the coming decade. The proportion of working-age Canadians to youth and senior citizens is expected to fall from 2.3 in 2010 to 1.7 in 2030. This may lead to an increase in the cost of healthcare and eldercare. With regards to climate change, Canada’s climate warmed by 1.7 degrees Celsius between 1948 and 2016, twice the global rate. The report states that Canada will have to invest more in its efforts to abate pollution. It also predicts a reduction in the use of fossil fuels and a shift towards more renewable sources of energy. It estimates that the use of solar and wind energy will increase by 50% in the next decade.  What are your current expenses on healthcare and fuel?

17 December 2019 - Canadian Health Minister Ted Flemming announced a professional reclassification for paramedics, which will recognise the complexities and specialisations in this line of work. This change could move paramedics to a new union and higher pay. The job of a paramedic will be reclassified as one of a medical-science professional, which recognizes the specialised work they do and the high educational training they receive to be applicable for the job. The change  will be applicable April 2020. How much do people in the medical field get paid?

7 December 2019Canada’s unemployment rate rose to 5.9% in December 2019, the highest it has faced since August 2018. Canada lost over 71,000 jobs in the last month, which led to the rise in unemployment rates. The manufacturing and services sectors, in particular, saw a high number of losses in jobs. This rate of unemployment has gone against the expectations of economists, who had expected a gain of 10,000 jobs, and for the unemployment rate to hold steady at 5.5%. The rise in unemployment has affected both part-time as well as full-time workers. Experts hope that the Bank of Canada will reduce its interest rates and loosen its monetary policy to combat the current economic slowdown.  Jobs and Salary