The labour market in Ottawa is currently experiencing meager growth, with the unemployment rate rising to 6.3 per cent in July from 6 per cent in June. While 5,200 full-time jobs were created, 100 part-time jobs were lost, making it challenging for individuals to secure employment in the capital region. This has disproportionately affected young people in the 15- to 24-year-old age group, as well as new Canadians who are struggling to break into the workforce.
Loann Champdoizeau, an Ottawa resident, highlighted the difficulties faced by young individuals without prior work experience. „When you’re young like me, you don’t really have any experience,“ Champdoizeau said. „If no jobs are hiring people without experience, then you can’t get any jobs. It is really difficult.“ Similarly, Ander Miftari emphasized the challenges faced by immigrants in Ottawa. „For people that are immigrants, like my parents, it’s pretty difficult,“ Miftari said. „People that have studied abroad, have diplomas, and are more or less perfectly qualified for bureaucratic work aren’t allowed to carry over their diplomas here. It’s pretty unfortunate.“
According to economic experts, the Q3 data reflects a cooling labour market trend. Randall Bartlett, senior director of Canadian economics with Desjardins, noted that while full-time employment saw an increase, the overall labour market is weaker than expected. Bartlett stated, „Full-time employment was up — that was a positive — but I would say, overall, the labor market is coming in weaker than economists expect, and has been for a couple of months.“ This suggests that the Canadian economy is potentially slowing down, aligning with the direction the Bank of Canada would like it to go.
Bartlett predicts that the Bank of Canada may ease up on interest rates in Q4, which could benefit consumers and homeowners. While the market may be stagnating, Bartlett does not foresee a recession in the near future. Instead, he believes that the economy is cooling off and adjusting to meet the Bank of Canada’s expectations.
In conclusion, the labour market in Ottawa is facing challenges with meager growth and a rising unemployment rate. Young individuals and new Canadians are particularly affected, struggling to secure employment in the capital region. However, economic experts remain optimistic about the future, with potential interest rate adjustments by the Bank of Canada offering hope for consumers and homeowners in the coming months.