Job Growth Expected In Fourth Quarter

For nearly three years, the Synergy Merchant Services Blog has done its best in figuratively keeping its hand on the pulse of the financial world. Especially in Canada, where we do business, it is important to be up on the nation’s economic situation and how it impacts the population.

Over the past year or so, the global economy has met with major crisis and has bounced back by working diligently on the recovery process. Proudly, Canada is a world leader in overcoming the impact of the recent recession. Yesterday, the QMI Agency released further proof of this fact by outlining the results of a recent Manpower study.

A survey of 1,900 companies concluded that Canadian businesses are looking to increase their hiring policies in the final quarter of 2010. The manufacturing sector, in fact, is likely to add the most jobs as it appears to be growing at its fastest pace in ten years. In addition, QMI reveals that nearly 21 per cent of respondents will be increasing payrolls while 7 per cent expect cutbacks.

As the article explains, “Seasonally-adjusted, that gives a net employment outlook of 15%, a four-percentage-point increase from the previous quarter.” The mining industry also appears very strong, showing a net employment outlook of 25 per cent. As hoped, job growth in Canada continues to increase, making 2011 a promising year for career seekers.

According to Byrne Luft, the vice-president of staffing operations for Manpower Canada: “This quarter’s Net Employment Outlook indicates that the hiring climate will remain steady for the fourth quarter of 2010. Employers are telling us that they plan to continue to increase their payrolls at a similar pace for the rest of the year.”

As previous studies have indicated, Canada has now recouped the majority of jobs that were lost during the recession. And although economists predict that the hiring pace will slow down shortly, the numbers have already revealed the nation’s great ability to turn things around.

In fact, QMI notes that “Statistics Canada will release employment figures for August on Friday, with an increase of 30,000 jobs expected.” The only negative aspect of yesterday’s report was that there are signs that Canadian companies feel that talented staff is limited.

In a separate poll conducted by Towers Watson, it was discovered that “about 61% of Canadian companies reported problems recruiting ‘critical-skill’ employees…and 57% have problems hiring top-performing, talented workers.” It looks like it’s time to brush up on your skills Canada, there are jobs out there waiting for you!