Finding a job in 2011 to be more difficult: TD report
Posted October 5, 2010 5:33 pm.
This article is more than 5 years old.
TORONTO, Ont. – It will not come as welcoming news to those who had difficulty finding a job this year, as a new report from TD Canada Trust shows there will be a sharp decrease in the number of new jobs available in 2011.
By 2010 year end, TD Canada Trust estimates more than 350,000 full and part time jobs will have been created, as opposed to fewer than 200,000 expected for next year.
“We had really an unbelievable rate of job creation recently. That simply was not sustainable. But also a little bit to the fact that the rate of economic growth is clearly settling down a bit, and you just cannot sustain those very impressive 50 and 60,000 jobs a month that we were enjoying for a while,” said Eric LaSalle, Chief Canada Macro Strategist at TD Securities.
The Canadian bank also expects the unemployment rate to remain around 8.1 per cent.
“That’s precisely what you get when the rate of job creation slows”, LaSalle told 680News, “I think that it’s all relative because on an absolute basis, we’d love of course for the unemployment rate to be a couple of percentage points lower, where it normally is.
“At the same time, here we are sitting a good percentage point and a half below the U.S.,” he added, “Canada isn’t doing great compared to what we’re all used to, but on the global scale, Canada is still actually one of the lucky few countries.”
TD believes wage increases will rise at about two per cent of less over the next few years, which is roughly the same as the inflation rate.
As for who will be hiring in 2011, TD says that the manufacturing industry is number one, as it is ready to rebound from shedding many jobs over the past two years. Industries such as oil and gas come in second, while health care rounds out the top three.
