Canada’s job market experienced a noteworthy shift in May 2024, as revealed by the latest Labour Force Survey. The country saw an increase of 27,000 jobs, marking a modest 0.1% rise in employment. However, this came with a slight dip in the employment rate, which fell by 0.1 percentage points to 61.3%. Canada’s Employment Boost in May 2024
Unemployment Trends
The unemployment rate in May 2024 rose slightly to 6.2%, up by 0.1 percentage points from the previous month and by 0.9 percentage points compared to a year ago. This increase suggests a tightening job market with more individuals actively seeking employment. Canada’s Employment Boost in May 2024. Canada’s Employment Boost in May 2024
Demographic Employment Patterns
Employment trends varied significantly across different demographic groups:
- Young Women (15-24 years): This group saw a substantial increase in employment, with 48,000 more jobs, marking a 3.7% rise.
- Women (55 years and older): Employment grew by 21,000 jobs (+1.1%).
- Core-aged Women (25-54 years): Employment in this demographic declined by 40,000 jobs (-0.6%).
- Young Men (15-24 years): Employment fell by 23,000 jobs (-1.6%).
Industry-Specific Changes
Several industries experienced notable changes in employment:
- Health Care and Social Assistance: Employment increased by 30,000 jobs (+1.1%).
- Finance, Insurance, Real Estate, Rental, and Leasing: This sector saw a rise of 29,000 jobs (+2.0%).
- Business, Building, and Other Support Services: Employment grew by 19,000 jobs (+2.7%).
- Accommodation and Food Services: This sector added 13,000 jobs (+1.1%).
Full-Time vs. Part-Time Employment
In May 2024, part-time employment rose significantly by 62,000 jobs (+1.7%), while full-time employment decreased by 36,000 jobs (-0.2%). Over the past year, part-time employment has grown at a faster pace (+3.8%) compared to full-time employment (+1.6%). Canada’s Employment Boost in May 2024
The involuntary part-time rate, which measures the proportion of part-time workers unable to find full-time jobs or working part-time due to poor business conditions, rose to 18.2% in May from 15.4% a year earlier. This trend was more pronounced among women aged 25-54 and young men aged 15-24.
Student Employment
The employment rate for returning students aged 20-24 was 61.0% in May, down 2.9 percentage points from May 2023. This decline was more significant among male students, whose employment rate dropped by 6.6 percentage points to 57.3%.
Hours Worked and Wages
While the total hours worked remained unchanged in May 2024, they increased by 1.6% compared to a year earlier. Additionally, average hourly wages saw a substantial year-over-year increase of 5.1% (+$1.69), reaching $34.94.
Indigenous Employment
During National Indigenous History Month, the employment rate for core-aged Inuit in Nunavut fell to 51.8%, a decline of 5.7 percentage points from the previous year. Among First Nations people aged 25-54 living off-reserve, the employment rate remained stable at 68.7%.
Provincial Employment Trends
Provincial employment trends showed variation across the country:
- Ontario: Employment rose by 50,000 (+0.6%), marking the fourth increase in five months.
- Manitoba: Employment increased by 7,800 (+1.1%), mostly offsetting declines in February and March. The unemployment rate remained low at 4.9%, the lowest among the provinces.
- Saskatchewan: Employment grew by 5,400, the first significant rise since October of the previous year.
- Alberta: Employment decreased by 20,000 (-0.8%), the first major decline since September 2023.
Conclusion and Call to Action
The employment landscape in Canada is showing resilience with notable job increases in specific sectors and among certain demographic groups. While the overall employment rate has dipped slightly, the rise in part-time jobs and average wages indicates underlying economic strength.
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Disclaimer: The information provided in this blog is based on the latest Labour Force Survey as of May 2024. Employment statistics are subject to change, and readers are encouraged to verify details from official sources before making any decisions.
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