Summary of Findings

In November 2024, Canada’s labor market showed mixed results. Employment saw a slight increase of 51,000 jobs (+0.2%), keeping the employment rate steady at 60.6%. However, the unemployment rate rose to 6.8%, an increase of 0.3 percentage points, due in part to more individuals entering the job search.

Key Statistics

- Men vs. Women: Employment for core-aged men (ages 25 to 54) rose by 45,000 (+0.6%), but there was a notable decline among women aged 55 to 64, who experienced a drop of 20,000 jobs (-1.3%).

- Industry Insights: November benefits saw increases in sectors like wholesale and retail trade (+39,000; +1.3%), construction (+18,000; +1.2%), and accommodation and food services (+15,000; +1.3%). Conversely, jobs fell in manufacturing (-29,000; -1.6%) and transportation and warehousing (-19,000; -1.7%).

Geographical Employment Changes

- Regions such as Alberta (+24,000; +1.0%), Quebec (+22,000; +0.5%), and Manitoba (+6,600; +0.9%) reported robust job growth. Notably, Prince Edward Island saw an impressive increase of 2,700 jobs, raising its employment rate by 2.9%.

- Ontario's employment rate, however, saw little change, with its unemployment rising to 7.6%, the highest since May 2014.

Wages and Hours Worked

Despite fluctuations in employment numbers, average hourly wages for employees rose by 4.1% year-over-year, now standing at $35.68. Total hours worked very slightly decreased by 0.2% month-over-month, although there was a stronger annual comparison, rising by 1.9%.

Youth Unemployment Surge

Youth unemployment climbed sharply to 13.9% in November, with significant impacts noted among both young men and women aged 15 to 24. This increase represents the most substantial annual rise in this demographic, reflecting broader labor market challenges.

Unemployment Insights

The labor force participation rate increased slightly to 65.1%. Still, long-term unemployment rose, with 21.7% of unemployed individuals being jobless for 27 weeks or more. There is growing concern over the changing dynamics in job retention, especially following the pandemic-induced employment shifts.

Impacts of Remote Work and Training Trends

One-third of Canadians aged 25 to 54 underwent training outside traditional education systems in the past year, though this represents a slight decline compared to 2022. Further, hybrid working models are evolving, with over half of these workers moving some of their hours to other locations besides home, marking a shift in workplace dynamics.

Conclusion

The employment landscape in Canada during November 2024 reveals a complex picture of partial recovery and ongoing challenges. With rising unemployment rates and shifting industry trends, businesses and policymakers face critical decisions moving into 2025. Only time will tell how the labor market adapts in response to these recent changes.

Stay tuned for more insights and analyses on how these trends affect Canadians and what it means for the future!