TORONTO - The Business Development Bank of Canada says in a new report that a labour shortage being experienced by small and medium-sized businesses is hampering Canada's economic competitiveness.
About 40 per cent of 1,208 people surveyed for the BDC said that they were having difficulty finding new workers.
The study also says there's a direct link between a shortage of workers and slower growth in company sales.
The BDC's report comes two days before Statistics Canada releases its labour force survey for the month of August. Last month, its national unemployment rate for July fell to a four-decade low of 5.8 per cent.
BDC chief economist Pierre Cleroux says the recent strength of the economy is one reason for the trend but the bigger issue is that the supply of younger workers is barely keeping up with the number of older people who are retiring.
He added that means labour shortages are the "new norm" that will require businesses to adapt their human resources strategies.
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