The economy – Canada
Employment in Canada fell by 22,600 jobs in October from September, according to ADP. Additionally, job gains in September were revised downward to 25,700 jobs from the previously reported gain of 28,200 jobs.
The Canadian Staffing Index remained at a reading of 120 in October, unchanged from its year-ago reading. The index is released by the Association of Canadian Search, Employment and Staffing Services.
The number of jobs in Canada edged down by 1,800 in October for total employment of nearly 19.2 million, according to seasonally adjusted data released by Statistics Canada. A gain of 14,300 part-time jobs was more than offset by a loss of 16,100 full-time jobs. Despite the decline in employment overall, the public sector added 28,700 jobs. On the other hand, private-sector employment fell by 2,700 jobs and the number of self-employed fell by 27,800. Canada’s unemployment rate was 5.5% in October, unchanged from September.
A study by the nonprofit Angus Reid Institute found that 17% of Canadians are involved in the gig economy with another 17% saying they have been involved with it in the past five years. Earning extra money, cited by 53%, was the main reason for taking part.
The economy – US
The Conference Board Leading Economic Index for the US fell 0.1% in October to a reading of 111.7 (2016 = 100), following a 0.2% decline in both September and August.
US employers plan to hire 5.8% more college grads from the class of 2020 for positions in the US than they did from the prior year’s class, according to the "Job Outlook 2020" survey released by the National Association of Colleges and Employers.
Engineering employment fell 0.18% in October compared to September for total employment of near 2.7 million, according to the TechServe Alliance, a trade association of the IT and engineering staffing and solutions industry.
Technology jobs fell by 0.03% in October compared to September for total employment of approximately 5.4 million, according to the TechServe Alliance. However, IT employment still edged up by 0.09% year-over-year, which represents 4,800 IT workers on a net basis.
The outlook for US economic growth over the next four quarters looks weaker now than it did three months ago, according to the Survey of Professional Forecasters by the Federal Reserve Bank of Philadelphia. Forecast growth in real GDP was revised to growth at 1.7% in this quarter, down from the previous forecast of 2.0%. Real GDP growth for the full-year 2019 is still projected to be 2.3%.
Executives are slightly less optimistic about the business climate in 2020 and concerned about talent acquisition, according to the Employer Associations of America’s 2018 National Business Trends Survey.
Baby boomers are the fastest-growing segment of the US workforce, according to a report by Glassdoor. The workforce of those born between 1944 and 1964 is expected to grow 61% over the next decade, according to the report. In comparison, the total workforce is expected to grow 5.5%.
The US cybersecurity workforce needs to grow by 62% to close the skills gap, according to research by (ISC)², a nonprofit membership association of cybersecurity professionals. It estimates the US currently has 804,700 cybersecurity professionals, but the country needs 498,480 more.
Job growth may slow in the coming months despite the latest better-than-expected jobs report, according to The Conference Board Employment Trends Index. The index fell to a reading of 110.11 in October from a downwardly revised reading of 110.87 in September.
The Institute for Supply Management’s manufacturing purchasing managers’ index contracted for the third consecutive month in October, but the rate of contraction was slower than in September. In October, the PMI was at a reading of 48.3, up from September’s reading of 47.8. The readings indicated a contracting manufacturing economy; readings higher than 50 indicate the manufacturing economy is expanding.
Growth in US gross domestic product for the third quarter was revised upward to an annual rate of 2.1%, according to a third estimate released today by the US Bureau of Economic Analysis. An advance estimate of third-quarter GDP released last month indicated growth of 1.9%.
Consumer confidence decreased slightly this month, following a slight decline in October. The Conference Board Consumer Confidence Index edged down to a reading of 125.5 in November from 126.1 in October. Consumer confidence declined for a fourth consecutive month, driven by a softening in consumers’ assessment of current business and employment conditions, according to Lynn Franco, senior director of economic indicators at The Conference Board.
The economy – Outside Canada and the US
Global GDP is expected to be 2.9% this year, down from 3.5% in 2018 and the lowest annual rate since the financial crisis, according to the Economic Outlook report from the Organisation for Economic Co-operation and Development. Growth is forecast to remain at 2.9% in 2020 and is estimated to rise to 3.0% in 2021.
The seasonally adjusted unemployment rate in Australia stood at 5.3% in October 2019, an increase of 0.3% when compared to the same period last year, according to data from the Australian Bureau of Statistics. The total number of unemployed people stood at 726,100 in October 2019, up 17,100 when compared to the previous year.
The majority, or 84%, of Indian organizations are expecting a hiring surge in the coming 12 months, according to a report from background screening firm HireRight. HireRight’s report, ‘2019 India Employment Screening Benchmark Report’, found that fewer companies in India anticipate any form of decline in their workforce this year compared to the last report (11% in 2019 versus 13% in 2018).
The seasonally adjusted unemployment rate in Hong Kong increased from 2.9% in the period from July to September 2019 to 3.1% for the period from August to October 2019, according to the latest labour force statistics published by the Hong Kong Census and Statistics Department.
Employment increased by 1.0% in the euro area and by 0.9% in the EU28 in the third quarter of 2019, when compared to the same period last year, according to data from Eurostat, the statistical office of the European Union. When compared to the previous quarter, the number of persons employed increased by 0.1% in both the euro area and in the EU28.
Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.2% in the euro area and by 1.3% in the EU28 in the third quarter of 2019.
Malaysia’s jobless rate stood at 3.3% in the third quarter of 2019, unchanged when compared to the second quarter of 2019, according to data published by the Department of Statistics Malaysia.
The number of job vacancies in Ireland decreased by 8% during the third quarter of 2019 when compared to the same period last year, according to the Q3 2019 IrishJobs.ie Jobs Index.
Hiring activity in India rose by 2% in October 2019 when compared to the same period in 2018, according to the Naukri JobSpeak Index.
Employment growth for formal-sector jobs in Mexico bounced back in September, according to an economic update released by the Federal Reserve Bank of Dallas. However, the unemployment rate for Mexico rose to 3.5% in September from 3.4% in September 2018.
Ongoing political uncertainty in the UK impacted recruitment activity in October, according to the latest Report on Jobs from the Recruitment and Employment Confederation and KPMG. Permanent staff appointments fell, which was widely linked to Brexit-related uncertainty, as many employers had chosen to cancel or postpone hiring until there was greater clarity over the outlook.
New Zealand’s seasonally adjusted unemployment rate rose to 4.2% in the September quarter, up from 3.9% last quarter, according to data from Statistics New Zealand.
India’s unemployment rate increased to a three-year high of 8.48% in October, up from 7.16% in September, according to data published by the Centre for Monitoring Indian Economy. This is the highest rate since August 2016, reflecting an economic slowdown in the country. At the same time, CMIE data showed that employment in India increased by 2.5 million between May and September 2019.
Japan‘s unemployment rate stood at 2.4% in September 2019, steady when compared to the same period last year, according to data from Statistics Japan.
Employer confidence in the UK economy fell to its lowest level since mid-2016, according to the Recruitment & Employment Confederation’s "JobsOutlook" report. It covers the three months from August to October.