What better way to celebrate Thanksgiving than with some good job news from Statistics Canada? It appears that 74,000 more people added steady work to their list of what to be thankful for as they gathered with friends and family for Thanksgiving dinner.
The September Labour Force Survey painted a positive picture of the employment situation in the Great White North. The addition of 74,000 jobs resulted in a decrease in the unemployment rate of 0.2 percentage points. The current rate of 6.8 percent unemployment is the lowest rate in nearly six years.
There were a few groups that stood out in the recent report:
- Employment increased by 43,000 among youths aged 15-24
- The female unemployment rated drop from 0.5% to 5.1%
- Year-over-year, employment among men rose by 39,000
Jeff Schwartz, executive director of Consolidated Credit Counseling Services of Canada, was pleased with the news from Statistics Canada –
“Getting hired after a period of unemployment is a major stress relief,” says Schwartz. “Thousands of Canadians can start looking forward instead of dealing with the financial worries that come with a lack of income. I sincerely hope that this trend continues and the unemployment rate continues to fall.”
Consolidated Credit has compiled the following tips to ensure that newly hired Canadians secure a stable financial future –
- Target your debt – A period of unemployment is often partnered with an increase in personal debt. Without a steady income, many people resort to only making credit card minimum payments while acquiring additional debt. A new job can help you to start getting out of debt if you set aside a portion of your income each pay-cycle. Make your debt payments automatic – through automatic withdrawals from your bank account – and you’ll see your principal decline every month.
- Stay in the black – Getting a new job is cause for a celebration. Just make sure you stick to what you can afford and stay out of debt. Instead of making that large purchase you had dreamed about during your job search, make sure that you take care of bigger financial priorities first. That includes paying off debt and creating an emergency fund. Once you have those accomplished and are in a better financial situation, you can think about rewarding yourself.
- Keep moving forward – A new job is great, but it doesn’t mean you should give up looking. For many Canadians who have suffered through a period of unemployment, they are happy to be back to work and may have taken the first job they were offered. Don’t hesitate to keep sending out resumes in search of a more rewarding, both personally and financially, job. Just don’t let this continued job search interfere with your duties, or you might just find yourself out of work again!
If you want to learn more about making responsible financial decisions, check out Consolidated Credit’s free Personal Finance educational section. If you’re struggling with debt, call one of our trained counsellors today at for a free debt analysis.