Full Employment In Canada Not Expected Until 2016

19 April 2012 10:00am - Florence Fullalove

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Full Employment In Canada Not Expected Until 2016

The Conference Board of Canada has said in its annual forecast, that Canada’s labour market isn’t expected to return to full employment for another four years. The think tank believe the unemployment rate will not get down to its pre recession levels of 6% until 2016. Although Canada has, numerically, recovered all the jobs lost during the recession, employment growth has not kept up with the amount of people looking for work. The report predicts Canada’s economy will grow 2.3% in 2012 and average 2.7% over the next four years. Because of a tightening labour market the pace is predicted to slow to 2.1% after 2016. Other factors holding back economic growth include household spending which will be affected by softer wage gains, heavy debt loans and rising interest rates.

Pedro Antunes, director of national and provincial forecasts said in a statement, “Canada’s economy has rebounded nicely from the 2008-09 recession, especially when compared with the performance of many other advanced economies.” He added, “But closing the remaining gap on potential output and full employment will be a long and protracted process, as real GDP growth will be lacklustre over the next few years.”

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