Despite the losses of manufacturing jobs, Canada's job market is in good shape thanks to the creation of an abundance of high-paying, high-quality jobs last year, according to a new study.
CIBC World Markets found the economy created 400,000 new jobs last year and "the vast majority of them were in high-paying sectors," said the bank.
The bank's employment quality index, which reflects the ratio of full-time jobs to part-time jobs, self-employment versus paid employment and compensation packages in over 100 industry groups, rose by 2.8 per cent last year, the largest increase since 1999. In the United States, the index dropped 1.9 per cent.
"It seems that in Canada the loss of manufacturing jobs is being offset by job gains in sectors with equivalent and higher employment quality," said the bank.
"That's not the case in the U.S., where the jobs now being lost in sectors such as construction/real estate and manufacturing are being replaced by lower quality jobs."
While the manufacturing sector lost about 130,000 jobs, there was a 3.6-per-cent increase in the number of full-time employees in high-paying sectors such as oil and gas extraction, the public service and computer services.
There was also a 1.2-per-cent decline in jobs in low-paying industries such as general merchandise stores, textiles and furniture-making.