Labour shortages in Canada are decreasing, with 22% fewer managers struggling to find workers. However, the threat of inflation remains a concern despite a downward trend.
RBC Economics' report reveals labour shortages peaked at 41% in the first quarter of 2021 and have since decreased to 32% by the third quarter of 2023.
The future of inflation is uncertain. RBC economists predict a slight rise in the Consumer Price Index to 3.4% in December due to a drop in gas prices.
They also note an overall easing of inflation pressures, with surging mortgage interest rates contributing to price growth. Canadian retail sales remained flat in November, while manufacturing sales increased by 1.2%. As builders focus on housing, the development industry is growing.
#Labour_shortages, #inflation, #statistics
January 23, 2024
Canada's economic future increasingly relies on population growth, largely from immigration, according to a Desjardins Securities report.
This growth, reaching 3.2%, has benefits such as labour market support but also raises housing costs. A reduction in temporary residents could exacerbate the looming recession.
Randall Bartlett, senior director of Canadian economics at Desjardins, warns against a rapid decrease in newcomer arrivals, as it could lower potential GDP and deepen the recession expected in 2024. However, keeping high newcomer admissions could strain finances and housing affordability.
Policy adjustments could help manage the economic impact, but the balance is challenging. Both scenarios present implications for inflation, interest rates, and the housing crisis.
#TRV, #temporary_residents, #International_students, #foreign_workers
January 18, 2024
New Brunswick’s Provincial Government and the Nurses Association of New Brunswick have collaborated to exempt new nursing graduates from first-time registration fees.
Health Minister Bruce Fitch highlighted the importance of this initiative in bolstering the healthcare system and reducing barriers for nurses entering the profession.
The government has committed $2.7 million to this five-year initiative, saving each new graduate around $500. Minister Arlene Dunn praised the increase in nursing program enrolments and expressed support for measures that ease students' transition into the healthcare system.
Denise LeBlanc-Kwaw, the association’s CEO, appreciated the shared vision and collaboration that made this change possible. This follows a previous collaboration to reduce financial barriers for internationally educated nurses.
#New_Brunswick, #nurses, #healthcare_workers, #fee_exemption, #nursing
January 17, 2024
As of January 2024, more Canadian employers can apply for the second phase of the Temporary Foreign Worker Program (TFWP)'s Recognized Employer Pilot (REP).
REP, designed for compliant employers, offers faster processing, longer Labour Market Impact Assessments (LMIAs) validity, and simpler applications.
Eligibility requires obtaining at least three positive LMIAs over five years and hiring temporary foreign workers (TFWs) in ‘in-shortage’ jobs, according to the Canadian Occupations Projection System (COPS).
Phase 1, launched in September 2023, was for primary agriculture employers. Phase 2 expands to more than 80 in-demand occupations across various sectors.
#TFWP, #Recognized_Employer_Pilot, #LMIA, #REP, #foreign_workers
January 17, 2024
