The Canadian economy has been a benchmark for the rest of the world ever since the Great Recession. We have a strong financial system, an educated worker class, and solid resources & manufacturing base.
However, November jobs data posted the largest job loss in the country since 2009, with unemployment rate jumping to 5.9 percent from 5.5 percent in October. Labour participation rate (the number of working age adults with jobs or actively looking for jobs) has also inched lower to 65.6%.
Coupled with a global slowdown and on-going trade tensions, what does this all mean for job seekers?
It’s yet unclear whether the global macro events will lead to another recession, however it is prudent to prepare in case of such an event.
Here are some common sense suggestions:
- Top up your reserve fund. The general wisdom is to have 3 months of spending saved up. To be conservative, target 6 months.
- Find ways to cut spending. Does anyone really need a $15 organic anti-oxidant enriched kale juice? Eat an apple instead.
- Pay down high-interest debt.
- Update your resume in case of layoffs.
- Supplement your income with a side-hustle.
In today’s world, it’s not survival of the fittest, but survival of the most prepared.