Half of Canadians feel confident with job security

Job growth to slow to an average 1 per cent in the year ahead: BMO
|hrreporter.com|Last Updated: 08/31/2011

Job growth to slow to an average 1 per cent in the yearahead, equal to approximately 15,000 jobs per month

One-half (51 per cent) of Canadians are confident in theiroverall job security, according to BMO Bank of Montreal.Furthermore, while 28 per cent of 1,501 people surveyed said they think theiremployer will be growing and hiring more employees this year, 21 per cent haveconcerns when it comes to their job security.

"Our research shows that while Canadians are cautiousabout how the economic recovery may affect their current job situation, manyare optimistic about business expansion and see their company hiring in thecoming months," said Cathy Pin, vice-president of commercial banking atBMO Bank of Montreal.

Job growth is expected to average one per cent in the yearahead or about 15,000 jobs per month, according to BMO Economics, which isenough to make a small dent in the unemployment rate, leaving it at around sevenper cent one year from now.

"The Canadian labour market has performed admirably,recovering all the jobs lost during the recession by January. The unemploymentrate is currently 7.2 per cent compared to a recession-high of 8.7 per cent. Sofar this year, employment growth has averaged two per cent annualized or about28,000 jobs per month," said Michael Gregory, senior economist at BMOCapital Markets. "Additionally, the lofty loonie is forcing many Canadiancompanies to focus on improving productivity to lift theircompetitiveness."

Regionally, the most confidence is found in Alberta, where69 per cent feel comfortable about their overall job security, found BMO. Quebeccomes next at 56 per cent, followed by Manitoba and Saskatchewan at 55 percent, Ontario at 47 per cent, British Columbia at 46 per cent and AtlanticCanada at 43 per cent.

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