Every day brings news of more layoffs. At what point does a remarkably resilient Canadian labour market finally buckle with employers cutting costs ahead of a widely expected recession?To be sure, the rate of job creation will slow this year from 2022’s near-record levels, and there will be layoff announcements throughout the year.
“The surge in employment and rise in the labour force make this an incredibly positive ,” James Orlando of TD Economics said in aTrue, last year’s second half saw weakness in job creation in construction, transportation, and cultural industries. But those same sectors saw strong job growth in December.
It’s a market vulnerable to significant employer cost-cutting but still marked by severe labour shortages. Big Tech accounts for the largest of the recent layoffs, announced by household names like Microsoft, Apple, Amazon, Alphabet, Ottawa’s Shopify and so on. Meanwhile, Canada’s digital economy is expected to employ almost 2.3 million people just two years from now.
My contract was renewed for another year. I didn't get a raise or a permanent position, even though I was given an excellent performance review. My work is in the non-profit sector. Precarious work is more common than not these days. I love my job but I need a 2nd gig.
I don’t think it’s labor that’s doing the hoarding in this economy 🙄