The Canadian economy continues to create jobs at a fairly steady pace, but questions are mounting over the quality of those new positions.
Several reports have concluded that the country’s job market is not as strong as it looks and now a study from Canadian Imperial Bank of Commerce paints an even worse picture. According to the bank’s analysis, job quality has fallen to its lowest level in more than two decades. A CIBC index that measures 25 years worth of data on part-time versus full-time work, paid versus self-employment and compensation trends, has fallen to its lowest level on record.
On compensation, the bank said low-paying full-time jobs have risen faster than mid-paying jobs over much of the past two decades, which in turn have risen more quickly than high-paying jobs. And in the past year “the job-creation gap between low- and high-paying jobs has widened,” with low-wage full-time paid positions rising at twice the pace of high-paying jobs.
The retail sector, which tends to be much lower-paying, is the largest source of employment by sector in Canada. It’s also a industry that may soon start to see job losses as Target pulls out of Canada and other retailers such as Sony, Smart Set ,Future Shop and Mexx close shop amid fierce competition.
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