Canada’s labor market saw employment figures remain unchanged in December and the unemployment rate holding steady at 5.8%. This static overview, however, hides small shifts across various segments.
The employment rate witnessed a slight decrease to 61.6%, set against a backdrop of a 0.2% increase in the population aged 15 and older. In terms of demographic trends, there was a contrasting picture: while employment among core-aged men (25 to 54 years) saw an increase of 25,000 (+0.4%), their older counterparts (aged 55 and above) experienced a decline of 27,000 (-1.1%). Young women aged 15 to 24 defied this trend with an employment increase of 13,000 (+1.0%).
Notable gains were evident in professional, scientific, and technical services, which saw an increase of 46,000 jobs (+2.4%), and in healthcare and social assistance, with a rise of 16,000 jobs (+0.6%). On the flip side, sectors such as wholesale and retail trade, and manufacturing witnessed declines.
Regional disparities were also evident. Employment rose in provinces like British Columbia, which added 18,000 jobs (+0.6%), while Ontario experienced a notable downturn with a decline of 48,000 jobs (-0.6%).
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Adding to the complexity, wage growth on a year-over-year basis was significant, with average hourly wages increasing by 5.4% to $34.45. However, the participation rate in December dipped slightly to 65.4%, primarily due to a reduction in youth participation.
Information for this story was found via Statistics Canada. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses
