June interest rate update, survey for TA leaders

Hi there,

Hi everyone,

Happy June, and hope your Q2 is going well. Let's dive into what's new this month and how it impacts talent acquisition. I'd like to try something a little different too.

🗞️ Headlines

• Canada's interest rate cuts to 4.75%. A highly anticipated announcement is finally official. Personally, I am pleasantly surprised as all the talk leading up to it was not optimistic for a rate cut.

• Now we wait for U.S. Federal Reserve's decision. Numbers suggest their job market is doing better as the U.S. added 272,000 positions in May.

• Canada's unemployment rate rose in May to 6.2%, as population growth exceeds job growth. Most new gains were in PT jobs (+62,000). Sectors in construction, transportation, warehousing, and utilities were hit the hardest, with gains in healthcare, finance, real estate, and hospitality.

✅ TA Survey

What does this mean for TA? It certainly felt like a depressed hiring market in May, and it's relieving that the numbers confirm it.

I suspect organizations will further prioritize efficiency and cutting costs until business picks up. My suggestion for everyone is to look into your recruitment funnel, audit what's working and what's not. Make simple improvements. Here's a guide to get you started.

• For folks who have paused hiring - what's your industry, company, and when did you pause hiring? What were some of the reasons?

• For folks not impacted and still hiring - what's your industry, company, and what roles are you hiring for? Is your space recession-proof?

• For folks unsure about their hiring plans - what is your industry, company, and what reasons will change your hiring plans? How have your plans changed year-over-year?

If enough people respond, I'll share the results in our next edition. I think it would be valuable to learn where everyone fits, and we can have more in-depth discussions in the future.

Best,

Cam