If a new job is on the horizon for you, it may make sense to find one sooner than later. The recent party in Canada’s job market looks likely to come to an end soon.
At the risk of looking a gift horse in the mouth, many experts are asking themselves whether the unusually large number of jobs Canada has created recently is some kind of statistical illusion. The country saw its strongest-ever month for job growth in April, adding 107,000 net new jobs, according to Statistics Canada. It capped off what has been a stellar year for job-seekers that has left the jobless rate near historic lows at 5.7 per cent.The problem is, there doesn’t seem to be any reason for this boom. Canada’s economy has grown by an unimpressive 1.1 per cent over the past year, but jobs have increased by 2.
And more worryingly, signs are mounting that a pull-back in job growth is just ahead. Businesses are doing a lot less of one thing they need to do if they want to hire: Borrowing. According to the PayNet Small Business Lending Index, borrowing by small businesses in Canada has fallen for nine straight months, and is now at its lowest level since 2012. That’s a bad sign because small business lending is considered a leading indicator ― a “canary in the coal mine,” in the words of Bill Phelan, president and co-founder of PayNet ― that shows us where the economy is headed.
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