Job Market Monitor
Michel Cournoyer
“Great Resignation” of 2021–2022 – It generated around 0.60 percentage points additional inflation
The Federal Reserve has a dual mandate of fostering price stability and maximum employment. Its main tool in this endeavor is the federal funds rate, which it sets based on inflation and measures of economic slack. Slack measures regarding the labor market tend to focus on the quantity of employment (e.g. the unemployment rate) and … Continue reading
Future of Work in Canada – 10 Megatrends
A new CERIC-funded report from Creative Futures Studio Inc. sheds light on 10 megatrends that will shape the future of work in Canada. The report, Career Development in 2040, digs into the trends that workers, employers – as well as those who advise them – need to understand to thrive in a labour market facing … Continue reading
Green Transition – Assessing and anticipating skills will be essential
Extreme weather, global heatwaves, and depletion of natural resources have pushed the need to speed up the transition to a greener economy to the forefront of the policy debate. Ensuring a more sustainable world for current and future generations is now more than ever a priority. Policies fostering greener growth will trigger changes in the … Continue reading
Skills and AI – Millions of workers may need to be not just upskilled but reskilled
In the coming decades, as the pace of technological change continues to increase, millions of workers may need to be not just upskilled but reskilled—a profoundly complex societal challenge that will sometimes require workers to both acquire new skills and change occupations entirely. Companies have a critical role to play in addressing this challenge, but … Continue reading
International Students in Australia – Many stay on temporary visas once they graduate, but struggle to pursue their chosen careers
Australia should stop offering so many international graduates false hope about being able to stay here permanently, when most clearly can’t. Australia offers international students generous rights to stay and work here after they graduate, which gives false hope to thousands of graduates who will never gain permanent residency, adds to population pressures, and threatens … Continue reading
Farmworker Wage in US – They earned 40% less than comparable nonagricultural workers in 2022
Farmworkers earn very low wages Despite some documented real increases in wages the past few years, the latest FLS data show the hourly earnings of farmworkers are much lower than the earnings of similarly situated nonfarm workers, as well as compared with the average for all workers in the United States (see Figure A). In … Continue reading
Monetary Policy and Labor Market – Employment response roughly twice as large when supply taken into account
“Policies to support labor supply are not the domain of the Fed: Our tools work principally on demand.” –Federal Reserve Chairman Jerome Powell, November 30, 2022 This paper offers new empirical evidence of a sizeable labor supply response to monetary policy. Using high-frequency identified monetary policy shocks from FOMC announcements and Fed Chair speeches, … Continue reading
Self-Employment in Canada – Fewer nascent businesses
The uncertainty of the pandemic, strong labour markets, and soaring inflation have sped up a decades-long decline in the self-employment rate. Most of the pullback in self-employment comes from businesses with paid help. This could be a problematic trend for small business creation in Canada. Self-employment (with paid help) has become less attractive to Canada’s … Continue reading
Reskilling – It takes a village
In 2019, the Organisation for Economic Co-operation and Development predicted that within 15 to 20 years, new automation technologies would likely eliminate 14% of the world’s jobs and radically transform 32% of them. Those sobering numbers, involving more than 1 billion people globally, didn’t even account for the sudden ascent of generative AI. Advances in … Continue reading
Vanishing Workforce in Minnesota – Reskilling and upskilling employees into greater value-added tasks
Across the US, populations are aging, and talent pools are shrinking. Minnesota is no exception. The state’s 12,000 lakes will be no match for the impending Demographic Drought brought about by declining fertility rates, an aging population, rising retirements, and falling net migration. Minnesota is struggling more than nearly all other states. In June … Continue reading
Canada : la forte croissance démographique continue de compliquer la situation économique – Desjardins
La récente tendance haussière de la croissance démographique au Canada s’est maintenue au deuxième trimestre de 2023. La croissance démographique a atteint un rythme annuel jamais observé depuis les années 1950 (graphique 1). La quasi-totalité des gains provient de la migration internationale, dont plus de 60 % dans la catégorie des résidents non permanents. Les admissions sous … Continue reading
Canada – Record population growth masks slower economic conditions
Population growth at July 1st (3.0%) marked the highest rate recorded over a 12-month period since 1957. Net international migration accounted for nearly 98% of the growth. Over the past decade, Canada’s pace of population growth has eclipsed much of the world, exceeding India, China, Central and South America, the U.S., and Europe. If this … Continue reading
Green Skills for a Green Transition – Assessing and anticipating them
Extreme weather, global heatwaves, and depletion of natural resources have pushed the need to speed up the transition to a greener economy to the forefront of the policy debate. Ensuring a more sustainable world for current and future generations is now more than ever a priority. Policies fostering greener growth will trigger changes in the … Continue reading
La croissance au Canada – La BDC prévoit une baisse continue du niveau de vie moyen au pays
La croissance annuelle de la population canadienne a atteint 3,1 % au deuxième trimestre de 2023. À la même période, le PIB réel a augmenté de 1,1 %. L’économie canadienne ne croît donc pas à la même vitesse que sa population ce qui implique une certaine détérioration du niveau de vie moyen. Une analyse per … Continue reading
Internationally Educated Health Care Professionals in Canada – 259,695 aged 18 to 64 accounting for 13% of postsecondary educated in a health field
Labour shortages in health care professions have become a pressing issue across many Canadian jurisdictions and were especially exacerbated by the COVID-19 pandemic. To help address these shortages, federal, provincial and territorial governments have implemented measures to facilitate the entry of skilled immigrants with health care qualifications into their respective professions (ESDC, 2022; World Education … Continue reading
Jobs – Offres d’emploi – US & Canada (Eng. & Fr.)
The Most Popular Job Search Tools
Even More Objectives Statements to customize
Cover Letters – Tools, Tips and Free Cover Letter Templates for Microsoft Office
Job Market Monitor 