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- If a recession does hit, tens of thousands of Canadians will become unemployed, or have reduced working hours. Many of these job losses will be concentrated in the service sector, particularly in the gig economy where incomes tend to be lower and employment is precarious. A recession will result in job losses for many Canadians.
theconversation.com/6-ways-canadians-can-prepare-for-the-upcoming-recession-187903
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Aug 7, 2022 · If a recession does hit, tens of thousands of Canadians will become unemployed, or have reduced working hours. Many of these job losses will be concentrated in the service sector,...
Feb 2, 2024 · The study, released Feb. 1, found that half of all Canadians under the age of 55 are afraid they could lose their jobs in the event of an economic downturn. The last time fear of job loss was this high was during the beginning of the second year of the pandemic.
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The industries most likely to slim down during an economic downturn are the resource, manufacturing and construction sectors, Ahmed-Haq said. "Oil, gas, mining and even construction are cyclical industries where jobs can come and go," she said. Employment in the banking industry also mimics economic growth cycles. When the economy slows down, banks...
"There is no such thing as the perfect recession-proof job," said Ahmed-Haq. However, some offer more stability than others. According to HR World, a leading resource and community for HR professionals, healthcare, education and public sector jobs are typically insulated from economic fluctuations. Funeral directors, casino workers and those in the...
It's not necessarily about making the leap to a more secure industry, Ahmed-Haq said. Her best advice is to try as hard as you can to keep the job you have. "Make yourself indispensable in that career that you're already doing." She recommends taking training courses to update your skills. To hear the full interview with Ahmed-Haq, listen to the au...
Jan 17, 2023 · The Bank of Canada's interest rate hikes to date will push Canada into a 'deeper' recession than Deloitte first thought, but the finance firm still expects minimal job losses.
Sep 8, 2023 · If employers do batten down the hatches and slow their pace of hiring ahead of a possible recession, Lavoy notes that workers who are unable to change jobs might still find some bargaining power...
May 5, 2023 · Continued growth in Canada’s labour market might see more Canadians hold onto jobs even as the economy dips into a possible recession, according to a read of the latest employment data...
Jul 7, 2022 · Canada Finance Minister Chrystia Freeland says a ‘soft landing’ is still possible for the Canadian economy, as inflation levels rise and fears of a recession grow.
