Goods producing sector will account for one-third of job growth next year
Canada's employment picture for 2011 isn't looking too bright, according to a report from TD Bank.
Job gains will fall to under 200,000 next year, well below the 350,000 that is expected to be the final tally by the end of 2010.
The report also predicts average wages to just keep pace with the anticipated inflation rate of about two per cent.
The slowdown can already be seen with average monthly job gains for July and August at just 13,000, compared to 51,000 during the first six months of the year, according to Statistics Canada.
Average monthly gains for the rest of 2010 will be between 5,000 and 10,000, said Derek Burleton, deputy chief economist at TD Bank.
But it's important to focus on the good news, said Burleton. Since July 2009, the Canadian economy recouped more than the 417,000 jobs that were lost during the 2008-2009 recession.
In the United States, there are still about eight million fewer workers today than when the recession began, he said.
One-quarter of the job growth in 2011 will be in the goods-producing sector, which will also account for one-third of new jobs in 2012.
Other areas of growth include the service sectors, with trade at 17.6 per cent growth, professional at 13.6 per cent and finance, insurance and real estate at 10.7 per cent.
Primary industries, including resource producers, will account for 15.4 per cent of job growth. Manufacturing will make up 11.1 per cent of new jobs.
