Nowhere is the lingering damage to the economy caused by the commodity price slump more evident than in the labour market. Unemployment is still rising sharply in the worst-affected regions, while employment gains elsewhere have been concentrated in low paying part-time positions, all contributing to a growing amount of slack in the labour market. Unfortunately, the underlying momentum in the economy remains sluggish and circumstances aren’t likely to improve in 2017, mainly because of a worsening downturn in housing investment.
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