Former Governor of Canada Bank Stephen Poloz
Canada said the struggle
faces pressure on several fronts, including frosts caused by the uncertainty of trade, the exhaustion of baby -boomers retirement and growth
“I think this is an important thing that we see in numbers, freezing plus exhaustion,” said Poloz, now special adviser to Osler, Hoskin & Harcourt LLP during a webinar on Thursday. “And I have to add one more, which is technology.”
The runner noted that the direct impact on jobs in industries, sensitive to trade, in particular, car, steel and aluminum, but also pointed out a low business mood in the common economy, in which many enterprises pause, hiring and rethinking their strategies.
“There is nothing better than the macro stress to force the country to understand:“ A boy, if there is anything, that I can save me 10 or 15 percent of my cost line, I'm going to do it now, ”said the runner.
This partially uses new technologies such as AI, which appears in the country's youth market.
“Part of the evidence is in the youth,” said pos. “This (
) Grounded much more than the average level of unemployment, so young people carry the main blow. ”
Other economists also published results on the influence of AI on the employment of youth, a cohort of workers aged 15 to 24 years. In August, the unemployment of youth was 14.5 percent compared to the total unemployment level of 7.1 %.
During periods of economic stress, it often happens that the level of unemployed youth is higher compared to indicators in the general labor market. However, the report
(CIBC) said that recent trends go beyond what can be expected against the current economic background.
Over the past few years, in this age category, the growth of unstable residents as one of the reasons for the high level of unemployment among young people, but also indicates the deployment of AI and other technologies for saving costs in key sectors as another factor.
For example, youth employment fought with business and support services, as well as in professional and scientific services in recent years, partly thanks to developing AI technologies performing research tasks, according to the report. There is also the implementation of other technologies, such as self -esteem in the retail sector, which also affect.
Poloz said that this is only the beginning of a greater trend.
“I think that we begin to see the evidence that the fourth industrial revolution crashed into this line of a new creation of jobs,” Pos said.
Meanwhile, one of the largest generations in Canada – Baby -Bummers, is preparing to retire, another Factor of Penza, according to Poloz, will affect the labor market, as companies continue to freeze hiring.
“If you can unite this with the fact that they also see a large blow to the workers through retirement, by exhaustion, accelerated,” he said. “Most of the beta-boomers get into 60-65 periods, so you will receive a contracting labor (if you have a freezing of the hiring) in many companies.”
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