Private Job Creation in Canada Must Achieve Warp Speed
Friday’s release of the employment numbers for the last month of the year by Statistics Canada ties up the dangling strings of the year that was.
At first blush, the scene appears to be on the ascent. Overall, Statistics Canada reports, some 40 thousand new jobs were created in this country in December. The great bulk of the latest burst of employment augmentation took place in Ontario, where 33 thousand jobs were added to the rosters in December — most of them full-time positions.
Employment levels in this country peaked in 2008 at 17.1 million, before tumbling by more than 200,000 in 2009. The next year, the stuff recovered somewhat and, by 2011, job numbers had screamed past pre-recession heights to 17.3 million. Another 200,000 were added in 2012, and Stats Can set December’s national unemployment rate at a sort of shockingly optimistic four-year low of 7.1 per cent.
But while it’s certainly true that the Canadian economy has more than recovered the job losses it suffered during the recession, an article in the Globe and Mail points out that this factor proves a rather weak marker of prosperity and recovery when regarded in isolation. A broader picture that considers the massive role that demographics have to play in such a consideration reveals that, thanks to the advancing years of working-age Canadians, the real number of unemployed souls in this country is still actually below pre-recession highs.
And so job creation must remain a priority for the 2013-bound country. And, given that employment growth in the public sector is slowing to a crawl, and that most of the ship’s power is currently being diverted to deficit reduction, any further expansion on the jobs front will have to be picked up by the private sector. Set phasers to stun.