Posthaste: More employers plan to hire than fire in next few months despite recession worries

Canadian employers are looking to hire at a “brisk” pace in the first quarter of 2023, according to the latest ManpowerGroup Inc. survey, suggesting the labour market will remain tight despite worries about a recession.

“Employers in all regions of the country and all industry sectors surveyed expect to add to payrolls next quarter,” ManpowerGroup said in aManpowerGroup’s net employment outlook, a gauge of hiring intentions that subtracts the percentage of employers who plan to cut workers from those who plan to hire, registered positively across the board.

By industry, finance and real estate, and industrials and materials recorded the strongest outlook at 44 per cent, up 14 percentage points and seven percentage points from the fourth quarter. Meanwhile, health care and life sciences recorded the weakest, though still positive outlook, at 25 per cent, unchanged from Q4 2022 but down 14 percentage points from the same time last year.“There have been early signs of softening in the outlook,”.

“Because the labour market is so hot and we have an exceptionally high number of vacant jobs, there is scope to cool the labour market without causing the kind of large surge in unemployment that we have typically experienced in recessions,” Macklem saidIn 2022, the Bank of Canada hiked rates seven times over the course of the year, lifting the benchmark interest rate to 4.25 per cent from 0.25 per cent in March. The central bank next meets on Jan. 25.

Source: News Formal (newsformal.com)

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