Eagle Vision Quarterly Newsletter

March 2014

Richard L. Simms
President
Black Eagle Executive Search

 

As we enter the brave new world of 2014, the employment situation in Canada continues to improve gradually, and for the first time since the recession commencing in 2008, the unemployment rate fell below 7%.

Quoting from the April 8th employment report of Statistics Canada:                     

Employment increased by 43,000 in March, driven by gains among youths. The unemployment rate declined 0.1 percentage points to 6.9%. Overall employment growth in Canada has been subdued since August 2013.

Compared with March 2013, the number of people working rose by 190,000. Over this 12-month period, employment and the number of hours worked grew at the same pace, that is 1.1%. Employment for people aged 15 to 24 rose by 33,000 in March, but their unemployment rate remained at 13.6% as more youths participated in the labour market. Compared with 12 months earlier, both employment and the unemployment rate for this group were little changed.

As cited above, despite youth unemployment remaining at 13.6% it is very good news that 33,000 more young people were employed in March 2014 as the 15 – 24 year age group has been the hardest hit from the recessionary period of recent years.

Indicative of this trend, Black Eagle Consulting’s career counseling services through 2013 and 2014 have involved significantly more high school and university students either wanting to advance their education or seeking entry into a difficult job market.

In the U.S., as reported by the New York Times on April 4th, 2014:

Nearly five years after the end of the Great Recession, the total number of private sector jobs is finally back to where it was as the downturn began in early 2008, the Labor Department reported on Friday.

But that level is still far below what is needed to fully accommodate the millions of people who have joined the work force since then, or relieve the backlog of jobless workers anytime soon.

Still, the addition of 192,000 jobs last month, all from private employers, represented an uptick from the anemic rate of job creation recorded at the turn of the year.

Slower growth in the Chinese economy in the first quarter of 2014 has recently thrown a chill on the outlook for the world economy in 2014 especially for U.S. companies with a presence in Asian markets.

Overall, the employment recovery in Canada is still “tentative”. In terms of the home improvement market specifically, most hiring is replacements for dismissed or retiring employees. However, with the coldest and longest winter for Canada in 35 years just ending, there is hope that the advent of warmer weather will create a resurgence in economic growth.

Contact Black Eagle

Telephone: (416) 458-9969
Email: info@blackeagle.ca