Canada Experiences Job Growth As Economy Creates High-Paying Jobs

13 July 2012 11:00am - Lucy Williams

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Canada Experiences Job Growth As Economy Creates High-Paying Jobs

The Canadian economy is creating more qualified jobs resulting in higher salaries. The first half of this year saw Canada releasing a staggering 155,000 new jobs of which many are full time and include better salaries. However economists predict that these positive statistics will not continue throughout the year due to slowing global economies and according to CIBC’s Canadian Employment Quality Index not only will figures fall but also the quality of jobs. CIBC also released reports showing that in the past, employment creation was likely to be part-time or in sectors with lower salaries, so this latest report has come as a welcome surprise.

"The good news is that the Canadian economy created 155,000 new jobs in the first six months of 2012," says Benjamin Tal, deputy chief economist and author of the CIBC index. "The even better news is that these jobs were of high quality. These trajectories, however, are unlikely to last. The slowing global economy will work not only to soften the pace of jobs creation in the coming quarters, but also decrease the quality of the jobs that are created."

Employment rates in Canada rose by 1.1 percent with the number of employees in high-paying sectors increasing by an encouraging 1.6 percent.

In other economic news, earlier in the week it was recorded that Canada has experienced a second successive monthly trade deficit. This implies how the flailing economies of other countries, particularly in the eurozone, have begun to impact Canada’s economy and its exporters.

The number of full-time employees has increased in regions such as oil and gas extraction, petroleum and coal manufacturing and heavy and civil construction. This fact is not just beneficial for Canadian employment rates but for the export side of the economy as China continues to import Canada’s raw materials.

Nevertheless the increase in employment in the export-orientated jobs will decline unfortunately as this is where many high paying jobs lie.

A decrease in oil prices, including the lowering of crude oil prices which was financially damaging for Canada, has threatened to affect Canada’s gas and oil sectors.

The recent success of the Canadian employment rates is sure to be short-lived.

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