The job situation in Canada is deteriorating considerably, as both the quality and quantity of jobs has declined during the past several months, a new survey suggests.
Recent numbers released by the government reveal that the Canadian economy generated just 17,000 new jobs per month between July and September, which is down from 29,000 new jobs per month in the second quarter and 33,000 per month in the first quarter of 2011.
Adding insult to injury is the decline in the quality of jobs. The Canadian Imperial Bank of Commerce's Employment Quality Index dropped half a percent in the third quarter and is down 1.5 percent since February.
Benjamin Tal, CIBC's deputy chief economist, said Canadians should expect more of the same in 2012.
"Looking ahead, the likelihood is that employment quality in the coming year or so will soften," said Tal. "Key here will be softer public sector hiring in general, and public sector construction activity in particular."
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