Victoria in a bubble ?

On Wednesday we examined how small businesses represent most of the employers in this province. Becasue of this it would be of concern if business owners were feeling pessimistic about the current state of the economy. A nervous business owner is one who delays or decides not to hire new staff.

The Canadian Federation of Independent Business (CFIB) is reporting that as a whole business owners are growing more pessimistic (2pp. pdf).

I have been blogging about the labour market for seven years now and I can tell you that people do not like to hear bad news but in reality most of this information is neutral. In fact, in this case the picture in Victoria seems to be very different, based on anecdotal evidence provided by the Times-Colonist. They report that local employers are not feeling pessimistic about the near future.

The thing to keep in mind about labour market news is that not only the fact that most information is neutral (a downtown in one sector often creates opportunities in another) but that the people who make economic projections often get it wrong.

As you read newspapers and watch news reports on television it can be easy to be consumed by the bad economic news we have been receiving. In reality nobody can accurately predict what will happen to the Canadian and global economy.

If you are worried about your future employment prospects now is the time to broaden your support network, keep your skills up to date (and learn new ones) in order to position yourself for the opportunities that are certain to arise.

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