CIBC reports high job stability, growing skills gap

A new report released this week by CIBC economists suggests that Canada’s labour market has defied earlier expectations that employees would become much more mobile and job stability would decline. In fact, the report reveals that job stability is at an all-time high, with a record number of employees that have been with an employer for 5 years or more. Another interesting trend is the rise in vacancy rates without the expected corresponding decline in unemployment rates. "The abnormal relationship between recent vacancy rates and unemployment suggests that large swaths of those unemployed are not what employers are seeking," says CIBC Deputy Chief Economist Benjamin Tal, co-author of the report. Although the numbers of those unemployed for less than 3 months or less is nearing a record low, the numbers of those unemployed for more than 27 months remain high. The report also found that Canadians with higher levels of education and training are enjoying stronger pay increases than is usually seen post-recession. CIBC News Release | Globe and Mail | Full Report