We're Number 11! We're Number 11!
By 250 News
Prince George, B.C.- B.C has the eleventh best performing labour market in North America! That's the latest from the Fraser Institute which pegs Alberta with leading North America with the best performing labour market over the past five years.
“For the past five years Alberta has enjoyed strong employment growth, high levels of worker productivity, and low durations of unemployment, making it the best performing labour market overall,” said Niels Veldhuis, co-author of the study and Director of Fiscal Studies at The Fraser Institute.
British Columbia has the second-best labour market in Canada but is ranked 11th in North America, with Saskatchewan finishing third in Canada and 14th among all 10 provinces and 50 U.S. states.
The study, Measuring Labour Markets in Canada and the United States: 2008 Report, assesses the performance of labour markets and examines characteristics which impact performance. The study includes an overall measure of labour market performance based on five indicators: total employment growth, private sector employment growth, unemployment rates, duration of unemployment, and labour productivity over the years 2003-2007.
Aside from Alberta, the rest of the top 10 rated jurisdictions are U.S. states, lead by Nevada, Utah, and Alaska. At number 11, BC narrowly missed the top 10.Ontario and Quebec, ranked 25th and 50th respectively. Newfoundland was the lowest rated province at 51st with the remainder of the Atlantic provinces all ranked in the bottom half on labour market performance.
The study also examines four aspects of labour markets that directly affect labour market performance: public sector employment, unionization, minimum wages, and labour relations laws.
All provinces, with the exception of Alberta, also maintain relatively high minimum wages which have been proven to reduce employment and on-the-job training.
“Canadian provinces should reduce public sector employment, pursue more balanced and less prescriptive labour laws, and avoid increasing minimum wages to improve the functioning of their labour markets,” Veldhuis said.
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