A string of mass firings in the energy and retail industries is taking a toll on Canadians’ job security, recent polling suggests.
The share of Canadians who say their employment isn’t fully secure rose last week to 15 percent, the highest since June 2013, according to a weekly survey by Nanos Research Group. The share who say their jobs are at least somewhat secure has declined to 68.9 percent, the lowest since early January.
High-profile companies have recently announced closings and Canada’s unemployment rate is at a five-month high as the country copes with the plunge in oil prices and consolidation in the retail industry.
Best Buy Canada, a unit of Best Buy Co., said March 28 it will close 66 of its Future Shop electronics stores, while firing 1,500 full- and part-time workers. That comes months after Target Corp. said it would close its Canadian operations.
In the oil industry, companies from Suncor Energy Inc. to Strad Energy Services Ltd. have cut thousands of jobs. The Alberta government predicts 31,800 oil-related workers will lose their jobs this year.
The difference between those who say their jobs are secure and those who say they are insecure has narrowed to 53.9 percentages points, the lowest since August.
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