A new survey has found that Canadian workers feel secure in their jobs despite risks that the economy will be pushed into a recession in coming months by rising interest rates.
The survey by business strategy firm Satov Consultants found that nearly half (48%) of workers across Canada are “not at all concerned” about losing their job in the next 12 months, while 30% said they are “somewhat unconcerned.”
Only 17% of survey respondents said they were “somewhat concerned” about losing their job, while 5% are “very concerned” about a job loss.
Despite a growing number of economists predicting an economic recession in Canada next year, the level of concern about unemployment has not changed in the past 12 months among a majority (61%) of Canadian workers.
Economic growth in Canada is expected to turn negative next year, with some economists predicting the country will enter a recession in the first half of 2023.
The Bank of Canada’s continued interest rate hikes to dampen inflation that is running at a 30-year high is cooling the national economy.
Yet, despite the slowdown, Canada’s labour market remains strong with job vacancies remaining elevated, according to Statistics Canada.
The survey on job security was conducted between August 16 and September 28. A total of 2,742 people across the country completed the survey.
