The OECD has cut its growth forecast for Canada citing the drop in oil and commodity prices. With all the talk about the slowdown in the Canadian economy picking up steam and slow growth as a result of the drop in oil prices that began last spring, one might expect some job losses to start emerging in places like Calgary or Regina. Interestingly enough, most Canadian CMAs have continued to grow their employment over the course of the last twelve months.
As well, the employment drops in some cities have not translated into higher unemployment rates (Figure 2).
Hamilton, Thunder Bay, Quebec City and Victoria have some of the lowest unemployment rates in the country – they are all below six percent. There may be some other unique labour market issues going on in these CMAs probably involving labor force changes or other demographic issues. Overall, the resource sector employment bust is not here yet.