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Canada Hiring rate increases as oil prices gains

Canada Hiring rate increases as oil prices gains

Apr 23,2016

Canadian oil and gas industry expects to notice quietest improvement between 2017 and 2020 because of revived industry activity and the necessity to replace retiring workers. According to the labor market statistics 2016-2020 of Canadian oil & gas Industry report revealed by petro LMI.

Enform’s carol Howes Vice President of Communications and petroLMI , Due to the swift decline in oil prices, Industry undergone notable job losses in 2015, and the same trend continuing in 2016.Assuming that oil prices would begin to increase in 2017, rehiring is predicted to start as capital investments restarts and there is a requirement to fill empty positions by retiring baby boomers. 

Employment industry is expected to contract up to 24,400 jobs as oil prices left low and expend cuts continues. Further companies are not willing to fill positions kept vacant by retirements in 2016.Instead; those positions are most likely to be used as path to decrease workforce and addition reduce costs during this period of continued low prices of oil and gas industry.

According to the Labour Market 2016-2020 of Canadian oil and gas sector gives a general view of work force essentials by sector. The survey projects a set of labour market predictions for the Industry on two scenarios, which encompass assumptions for Oil prices, capital, expenditures, and Industry acitivities.In a bottom scenario, oil prices stood below US$60 per barrel to 2020 and net hiring positions for the Industry hit 46,435 jobs, imagining historical retirements continue the same. In a top scenario, oil prices gains to US$60-$80 range by 2020 and net recruitment gains 55,305 jobs.

 

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