Canadians optimistic about job market, economy

Despite the loss of 48,000 jobs across Canada in December, Canadian workers are entering 2014 with a cautiously optimistic outlook for the job market and economy overall, according to a Randstad Canada/Ipsos-Reid study.

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Thirty percent of respondents said they feel more confident in the strength of the Canadian economy heading into 2014 than they were entering 2013, while another 50% said they felt about the same amount of confidence heading into this year as they did last.

Those in Alberta (35%) and British Columbia (32%) were the most confident in the strength of the Canadian economy heading into 2014, while respondents in Quebec (27%) and Atlantic Canada (22%) were the least.

Nearly half (48%) said they feel about the same amount of confidence in the job market in 2014 as they did in 2013. While 25% of respondents felt more confident in the job market heading into this year, slightly more (27%) said they feel less confident this year than they did at the beginning of last year.

Respondents working in a managerial or executive position are significantly more confident (30.3%) than their below-manager counterparts (19.2%). Younger workers (under the age of 35) are also much more confident in the job market this year (30.5%) than those who are well into their careers (age 35-54—21.9%).

Those living in Western Canada (British Columbia and Alberta) are substantially more confident in the job market this year (30.4% and 31.3% respectively) than those on the east coast and in Quebec (18.1% and 23.3%, respectively). Those living in Atlantic Canada (33.8%) and Ontario (31.9%) are the most likely to feel less confident in the job market in 2014 than they were in 2013.

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One-third (33%) said they expect it will be more difficult to find a new job in 2014 than it was in 2013, with only one-in-five (20%) expecting it to be an easier task than last year. Even so, 31% of currently employed Canadians say they are likely to look for a new job in 2014.

Women in particular are more concerned with ease of mobility between jobs this year. While nearly half says their prospects of finding a new job will be about the same as 2013, almost two-in-five (38%) says it will be more difficult for job seekers to find a new job this year than it was last.

Regionally, Albertans are the most confident when it comes to finding new jobs, with one-third feeling it will be easier to do so in 2014 than it was in 2013. Ontarians are the most pessimistic in Canada, with more than 40% anticipating finding a new job in 2014 will be more difficult than last year.

Younger workers (under 35) are much more likely to look for a new job in 2014: nearly half (46.5%) intend to look this year, compared to three-in-ten (31%) overall. Workers in Ontario (35%), Alberta (33%) and BC (33%) are the most likely to look for a new job in 2014, while those in Quebec (24%) are the least likely.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.