Many industries are seeing a steadily increasing skills shortage while other industries are reporting an increasing labour surplus – and according to CIBC World Markets, the gap between the two is growing.
CIBC deputy chief economist Benjamin Tal said many jobs are going unfilled for long periods of time due to a lack of skilled applicants. He went on to say that Prime Minister Harper recently stated that skills shortages in the labour market are currently Canada's greatest challenge.
"But, on the other end of the labour market spectrum, there is growing evidence that the size of the labour surplus pool is on the rise," he explained. "For a number of occupations, employment opportunities are increasingly disappearing.
"This labour market mismatch is big enough not only to reduce the effectiveness of monetary policy, but also to limit the growth potential of the labour market and the economy as a whole."
Tal found that the following occupations are seeing labour surplus:
- secondary and elementary school teachers;
- labourers in manufacturing;
- office managers and clerks; and
- those in traditional occupations such as butchers and bakers.
CIBC found that 30% of businesses report a skilled labour shortage – double the rate seen in early 2010. The industries reporting significant skills shortages are:
- mining, engineering and science;
- doctors and nurses;
- dentists;
- pharmacists; and
- dietitians and nutritionists.
