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The recession in Canada could well be over, but the Bank of Canada says unemployment will continue to get worse and dampen economic recovery. At the same time, economists predict almost 10% of the workforce will be jobless before conditions begin to improve next year.
However, some sectors of the employment market are expected to recover faster than others, providing opportunities for those with the required skills.
As signs of improvement begin to emerge, the central bank has turned more upbeat on the prospects for Canada, predicting economic growth of 1.3% in the current quarter compared with its previous prediction of a 1% contraction. If the Bank of Canada`s prediction proves correct, the recession would be limited to three consecutive quarters.
"The perkier outlook is largely due to a rosier view on consumer spending and housing," Doug Porter, the deputy chief economist at BMO Capital Markets said.
But even as the economy returns to growth and consumer spending picks up, the effects of recession will linger, particularly where jobs are concerned.
Read the full article here.
However, some sectors of the employment market are expected to recover faster than others, providing opportunities for those with the required skills.
As signs of improvement begin to emerge, the central bank has turned more upbeat on the prospects for Canada, predicting economic growth of 1.3% in the current quarter compared with its previous prediction of a 1% contraction. If the Bank of Canada`s prediction proves correct, the recession would be limited to three consecutive quarters.
"The perkier outlook is largely due to a rosier view on consumer spending and housing," Doug Porter, the deputy chief economist at BMO Capital Markets said.
But even as the economy returns to growth and consumer spending picks up, the effects of recession will linger, particularly where jobs are concerned.
Read the full article here.