This won’t be a surprise to many Canadians toiling away at work right now, but the quality of Canadian jobs is at its lowest level in more than two decades, a new report from CIBC shows.
The bank’s latest Canadian Employment Quality Index, has fallen across measures including part-time versus full-time work, paid versus self-employment and compensation trends.
What’s more, CIBC says the Bank of Canada’s move to lower interest rates, in an attempt to spur economic growth and in turn job creation, won’t cure the problem.
"The Bank of Canada continues to warn us that the headline unemployment rate is not as rosy as perceived and, in fact, according to the Bank’s new and improved measure of labour market activity, labour slack is still significant,” CIBC deputy chief economist Benjamin Tal said in releasing the report on Thursday.
"In many ways, the Bank has a point. Our measure of employment quality is now at a record low — suggesting that the composition of employment is sub-optimal.”