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2015 job numbers are ‘ugly, but stable’. What will 2016 be like?

Leaving 2015 on shaky ground, businesses must be bolder with diversification and innovation in 2016.

Alberta-Canada-unemployment-rateIn a Maclean’s report that looks back at 2015 job figures, columnist and business editor Jason Kirby shows a precarious balance between relief and anxiety. Among other things, Statistics Canada reported that 23,000 new jobs were added nationally--way above economists’ 8,000-job forecast. On the other hand, Canada’s overall labour market is still below average despite a surge in early 2015.

It’s not all bad news. Pockets of positivity can be found in public sector hiring, and in growth of self-employment. Maclean’s goes as far as calling the government ‘Alberta’s new job engine’, with its increased hiring in education and healthcare.

As for self-employment, the figures don’t differentiate from those who chose to start their own business or those who’ve had to go freelance because they’ve been unable to secure work.

Aside from the government, which industries are hiring? According to Huffington Post’s Daniel Tencer, fields like Hospitality, Financial Services/Banking, Real Estate and Information Technology continue to show growth.

TriplePundit report by Bill DiBenedetto shows research that proves economic diversity is key to urban growth and productivity.

“Economically diverse cities provide residents some insurance against major economic downturns, globalization, changing legislation, and natural technological progress, each of which is likely to have a differential effect on various industries and occupations,” says Andrew J. Hussey, associate professor of economics at the University of Memphis, as quoted in the TriplePundit article. “A varied economic composition in terms of jobs can also draw a diverse mix of residents, which could lead to cross-pollination of ideas — or, at the very least, make life more interesting.”

As with any major events of change, there will be some degree of painful adjustment. But there is strength in unity and collaboration, and hopefully the promise of prosperity will  be enough of an incentive for us to get through this together.

What path do you see most likely for the Canadian economy this year? Let us know on TwitterLinkedInFacebook or comment below.

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Originally posted in: http://community.weemploy.com/2016/01/2015-job-numbers…ill-2016-be-like/

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