Here is an overview of Canada’s labor market for May 2024
– Employment: 20,518,000
– Employment change: 0.1% monthly
– Unemployment rate: 6.2%
– Unemployment change: 0.1% monthly
– Average weekly earnings: $1,240.18
– Average weekly earnings change: 3.7% yearly
– Monthly change in selected geographical areas:
– Alberta: -0.8%
– British Columbia: -0.3%
– Manitoba: 1.1%
– New Brunswick: -0.3%
– Newfoundland and Labrador: -0.9%
– Nova Scotia: -0.2%
– Ontario: 0.6%
– Prince Edward Island: -1.2%
– Quebec: 0.0%
– Saskatchewan: 0.9%
Here are the employment trends in Canada as of May 2024
– The employment rate fell to 61.3 percent.
– Total employment increased by 26,700 (0.1 percent).
– 62,000 part-time jobs were added, but full-time jobs fell by 36,000.
– The unemployment rate rose to 6.2 percent.
– The youth unemployment rate rose to 12.6 percent.
– Long-term unemployment accounted for 18.2 percent of total unemployment.
Here are some unemployment rate dynamics in Canada for May 2024
– The unemployment rate was 6.2%, up 0.1 percentage points in May and 0.9 percentage points compared to the same period in 2023.
– Total unemployed people increased by 28,000 (+2.1%) compared to April 2024.
– Long-term unemployment accounted for 18.2% of total unemployment, up from 13.2% in August 2023.
– The youth unemployment rate was 11.7% for young women and 12.6% for young men, up 1.7% and 1.9% compared to the same period in 2023, respectively.
– The unemployment rate for people aged 25 to 54 was 5.1% for women and 5.0% for men, up 0.2% and 0.3% compared to the previous month, respectively.
Factors Influencing Unemployment
1. Economic growth: Slow economic growth or recession can lead to unemployment.
2. Industry changes: Shifts in industry demand, technological advancements, and globalization can cause job losses.
3. Seasonality: Certain industries have seasonal fluctuations, affecting employment rates.
4. Demographics: Changes in population demographics, such as aging or migration, can impact labor markets.
5. Education and skills: Mismatches between job seekers’ skills and employer needs can contribute to unemployment.
6. Labor market participation: Changes in labor force participation rates, especially among youth and older workers, can influence unemployment.
7. Regional disparities: Regional economic differences and urban-rural disparities can affect unemployment rates.
8. Government policies: Fiscal and monetary policies, such as interest rates and taxation, can impact employment.
9. Technological advancements: Automation and artificial intelligence can replace jobs, leading to unemployment.
10. Global events: Global economic downturns, trade wars, or pandemics can impact Canadian employment markets.
These factors interact and evolve, shaping Canada’s unemployment landscape.
Economic Conditions
– An increase in household spending and exports helped Canada’s economy rebound in late 2023.
– Higher oil and gas output supported growth in the fourth quarter of 2023.
– Residential construction increased during the second half of 2023.
– Employment growth slowed in late 2023.
– Consumer inflation stayed above three percent during the second half of 2023.
– Real gross domestic product (GDP) rose 0.2 percent in the fourth quarter of 2023.
– Merchandise export volumes rose 1.2 percent in the fourth quarter of 2023.
– Merchandise imports contracted 0.5 percent in the fourth quarter of 2023.
Industry Trends
– E-commerce growth: Online shopping is changing retail and product distribution
– Digitalization of services: The pandemic accelerated digitalization in the service industries, such as remote work, online shopping and entertainment.
– Technological innovation: The manufacturing sector is shifting toward Industry 4.0, with a focus on robotics, IoT sensors, data analytics and artificial intelligence.
– Changing consumer preferences: The experience economy and sharing economy are on the rise, with consumers valuing experiences and access to goods and services over ownership.
– Sustainability: Climate change and environmental concerns are driving trends in the construction industry toward sustainable and resilient building practices.
Demographic Breakdown Of Unemployment
– Unemployment rate among core-aged men: 5.3%
– Unemployment rate among core-aged women: 4.6%
– Unemployment rate among young men: 12.0%
– Unemployment rate among young women: 11.1%
– Unemployment rate among men aged 55 and older: 4.6%
– Unemployment rate among women aged 55 and older: 4.5%
