The Bay Street financial district of Toronto is shown on Sunday, Sept. 8, 2024. THE CANADIAN PRESS image
A new poll reveals that 40% of Canadians are anxious about job security as businesses slow down hiring due to the ongoing trade conflict with the U.S. The survey, conducted by Leger from March 7 to March 10, highlights a growing concern, especially in provinces heavily reliant on trade.
Ontario Leads in Job Security Concerns
Ontario workers are the most worried, with over half expressing job security concerns. In contrast, Atlantic Canada reports the lowest anxiety levels, with just under one in four fearing job loss. Meanwhile, British Columbia and Manitoba/Saskatchewan show 39% concern, followed by Alberta at 35% and Quebec at 26%.
Men, Younger Workers More Worried
The poll also indicates that men are more concerned about unemployment than women, with 44% of male respondents expressing worry compared to 36% of women. Age plays a role as well—42% of people aged 18 to 54 fear job loss, while only 34% of those over 55 share the same concern.
Financial Struggles Add to Anxiety
Despite 61% of respondents describing their household finances as "good," nearly half (46%) admit they are living paycheque to paycheque. This financial instability amplifies fears, as job loss could have immediate consequences for many Canadians.
Trade War Worsens Hiring Slowdown
The Bank of Canada reports that 40% of businesses are reducing hiring and investments due to rising trade uncertainty. Markets have been volatile since the U.S. imposed 25% tariffs on steel and aluminum imports, affecting industries dependent on U.S. trade.
Key Industries at Risk
Workers in export-driven industries are the most affected. Almost 75% of employees in mining, oil, and gas fear for their jobs, followed by 60% in manufacturing. The concern extends to finance, insurance, real estate, leasing, agriculture, and forestry, where nearly half of workers are uneasy about their job security.
Growing Concern Over Layoffs
Labour leaders, including Bea Bruske of the Canadian Labour Congress, warn that layoffs may increase. Some workers are already considering selling their homes due to economic uncertainty. Employers, especially in manufacturing, report fewer orders from U.S. clients, further fueling concerns.
"Although job losses have been minimal so far, employers are signaling that more layoffs could be ahead," Bruske said. "People are very worried about their job reality."
Uncertainty Looms
Leger’s polling shows job loss anxiety has fluctuated since January, hitting a high of 42% in late February. The latest data also reveals an increase in people who are "very" concerned, rising from 11% to 15% in just a week.
With trade tensions escalating and hiring slowing, Canadians remain on edge about their financial future. If the economic situation worsens, job security fears could intensify in the coming months.
