The article discusses the current state of the Canadian job market, which is expected to undergo some changes in 2024. Some key points from the article include:
- The job market will likely continue to soften, with fewer job postings and a slower pace of hiring.
- Wage growth will continue to outpace inflation, at least in the near term, but eventually, the combination of lower inflation and a softer labor market will put downward pressure on nominal wages.
- Hybrid work arrangements are expected to become even more widespread, and there is little reason for employers to implement five-day office mandates.
- The uncertainty surrounding population growth and generative artificial intelligence (AI) adoption in workplaces will be factors to watch as the year progresses.
Overall, while the job market may continue to soften, it’s likely to remain solid by historical standards, with workers experiencing a relatively stable labor market.
