Stabilization in sight for Canadian labour market
Despite the struggles, stabilization is in sight for the Canadian labour market, say the RBC experts.
“The lagged impact of earlier and more aggressive interest rate cuts from the BoC in 2024 compared to other parts of the world is expected to help stabilize the labour market early in 2025, and slower population growth will limit labour force increases,” they say.
Still, there will be challenges.
“But for now, lower hiring demand means the unemployment rate is not likely at its peak yet. Wage growth has been resilient, but is expected to slow as job openings fall amid higher unemployment.”
Canadian companies are entering 2025 with a positive hiring outlook, according to a recent report from Express Employment Professionals.