In this edition:
- Niagara unemployment rate climbs to 5.8%
- City of Niagara Falls Volunteer Recognition nominations are open
- Canada sheds jobs for third month but won’t stop rate hikes
- Why it is so hard for the Bank of Canada to crush inflation
- Trudeau spending risks fuelling ‘inflationary fire,’ CIBC says
Niagara unemployment rate climbs to 5.8%
Niagara’s unemployment rate rose to 5.8% in August, up from a low of 4.5% in June, yet still markedly lower than last August’s rate of 10.6%. The participation rate declined slightly again to 60.1%, down from 61.1% last month, but also higher than last year at 59.3%. Labour force participation is measured as people aged 15-64 either working or actively seeking work.
The number of employed in Niagara fell from 218,500 in July to 213,000 in August, while the size of the labour force declined from 229,700 to 226,100. All metrics, however, are considerably higher than the same time in 2021.
Nationally, employment declined by 40,000 (-0.2%) in August, and the unemployment rate rose by 0.5 percentage points to 5.4%. Employment fell among youth aged 15 to 24 in August, primarily young women, as well as among people aged 55 to 64.
Employment gains in various industries, including “other services” and professional, scientific, and technical services, were more than offset by declines in educational services and construction.
City of Niagara Falls Volunteer Recognition nominations are open
Do you know a dedicated community volunteer? Why not nominate them for one of the City’s prestigious volunteer awards? Nominations for the volunteer awards are open until Friday, October 7, 2022. A fun indoor event will be taking place on Monday, November 7th to honour the award recipients.
The Annual Niagara Falls Volunteer Recognition program provides an excellent opportunity to honour and recognize the many outstanding volunteers in our community.
Canada sheds jobs for third month but won’t stop rate hikes
Canada shed jobs for a third straight month in August, in a sign higher interest rates may be starting to cool the overheated economy, official data showed on Friday, though economists said it was unlikely to force a central bank pause.
The Canadian economy lost a net 39,700 jobs in August, missing analyst forecasts that it would add 15,000, Statistics Canada data showed. The jobless rate rose to 5.4%, missing calls it would edge up to 5.0% from a record low 4.9% in July.
Why it is so hard for the Bank of Canada to crush inflation
Those who think central bankers are powerful and manipulative might ask themselves why people like senior deputy governor Carolyn Rogers don’t just snap their fingers and make inflation go away.
The Bank of Canada officials have declared they will be “resolute” in crushing inflation, squeezing it down to the bank’s two per cent target range. But that process may be long and painful as rates keep rising.
Even as Rogers warned on Thursday that Canada faces an “expectations spiral,” trying to change the direction of inflation is akin to turning the Titanic after you’ve spotted an iceberg through the fog.
Trudeau spending risks fuelling ‘inflationary fire,’ CIBC says
Economists are warning Prime Minister Justin Trudeau’s government against using windfall revenue to add to spending amid concerns about inflation.
The calls come as the government prepares to double federal goods-and-services tax rebates for six months and support Canadian households struggling to pay rent. The plan, meant to be announced Thursday but temporarily delayed by the death of Queen Elizabeth II, is in addition to refunds and cash handouts already distributed by provincial governments.
Canada benefited from surging energy prices earlier this year, which helped the nation swing into recurring trade surpluses for the first time since 2014, and generated large revenues for the federal and provincial governments.
Focus on Human Resources
The quiet quitting data has arrived
Despite its name, quiet quitting doesn’t technically involve any quitting. It essentially just means completing your job without spending extra energy going above and beyond at work. The term, which has made the rounds online, now has data to back itself up.
- A new Gallup survey found 18% of US employees are “actively disengaged” at work — the highest count since 2013.
- Over 50% are simply “not engaged” — the quiet quitters.
Remote and hybrid workers under the age of 35 are driving the trend. Since 2019, the number of young workers who feel that someone encourages their development at work has dropped 12 points, and less than four in ten say they even know what’s expected of them at work.
Family businesses have a talent-acquisition advantage
Harvard Business Review
The workplace landscape looks entirely different than it did a few years ago. The combination of a booming economy, a global pandemic, and worker job dissatisfaction sparked the Great Resignation. Additionally, record low unemployment has given employees the advantage to be critical of employers, as well as mobile. Talent retention and acquisition are bigger priorities than ever for many companies, especially those focused on growth. Since it is likely that these challenges will persist, businesses will need an employee-centric strategy that’s built on trust and definitive action to win the war for talent.
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.