Canadian workers concerned about the economy as labour market softens

With the Canadian economy remaining in uncertain – and uncharted – waters with a US president who is, to say the least, unpredictable, workers and job seekers are concerned.

In the most recent labour market update, there was an insignificant increase of 7,400 jobs in April, while some industries posted heavy losses such as 31,000 in manufacturing and wholesale and retail trade which dropped 27,000.  

And while the market softens, employees are working harder according to a new survey by The Harris Poll, commissioned by Express Employment Professionals.

More than half of employed job seekers have worked longer hours or more shifts than usual (58%) and 30% have taken on another job to help balance their household budgets.

With the unemployment rate increasing 0.2 percentage points to 6.9% in April, and despite increased efforts, many job seekers are not optimistic about their job security with salary their biggest concern – 41% fear not getting the salary they deserve and 38% reporting a slowdown in work opportunities because of the economy.

There is also concern that current employers may cut back on their workforce or reduce hours and many job seekers are fearful of losing their current job before finding a new one.

The survey highlights several generational differences:

Generational differences reveal distinct concerns among job seekers:

• Gen Z (51%) is more concerned about not getting raises than millennials (41%), Gen X (38%) or boomers (31%)
• Gen Z (40%) is also more worried about losing jobs before finding new ones than millennials (34%), Gen X and boomers (both 31%)
• Gen Z (44%) is more concerned about hours being decreased than millennials (22%), Gen X (22%) and boomers (28%)
• Boomers (44%), Gen X (32%) and millennials (37%) are much more concerned about losing their jobs due to the economic climate than Gen Z (20%)