The latest Labour Force Survey revealed that employment was little changed during the month of May 2024, with an increase of 27,000 jobs representing a 0.1% rise. Meanwhile, the employment rate fell by 0.1 percentage points to 61.3%.
The unemployment rate in May, on the other hand, rose slightly to 6.2%, marking a 0.1 percentage point increase from the previous month and a notable 0.9 percentage point rise from a year ago. This upward trend suggests a tightening in the job market, with more individuals actively seeking employment.
Employment patterns varied significantly across different demographic groups:
- Young Women (15-24 years): Employment surged by 48,000 jobs (+3.7%).
- Women (55 years and older): Employment grew by 21,000 jobs (+1.1%).
- Core-aged Women (25-54 years): Employment declined by 40,000 jobs (-0.6%).
- Young Men (15-24 years): Employment fell by 23,000 jobs (-1.6%).
Simultaneously, many industries underwent notable changes in employment:
- Health Care and Social Assistance: Employment rose by 30,000 jobs (+1.1%).
- Finance, Insurance, Real Estate, Rental, and Leasing: Increased by 29,000 jobs (+2.0%).
- Business, Building, and Other Support Services: Grew by 19,000 jobs (+2.7%).
- Accommodation and Food Services: Added 13,000 jobs (+1.1%).
Read More
Canada’s New Caregiver Immigration Pilots To Offer Permanent Residence On Arrival
How to financially plan your move to Canada
Canada Immigrants Resolving Labour Shortages and Creating Businesses
In May, part-time employment saw a rise of 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%).
The involuntary part-time rate rose to 18.2% in May, up from 15.4% a year earlier. This indicates a rise in the proportion of part-time workers unable to find full-time jobs or working part-time due to poor business conditions. This trend was more pronounced among women aged 25-54 and young men aged 15-24.
In terms of 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 pronounced among male students, whose employment rate dropped by 6.6 percentage points to 57.3%.
The total hours worked remained unchanged in May but increased by 1.6% compared to a year earlier. Average hourly wages saw a substantial year-over-year increase of 5.1% (+$1.69), reaching $34.94.
During National Indigenous History Month, it’s notable that 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 was stable at 68.7%.
Provincially, employment was up in three provinces in May, with Ontario leading the numbers at a 50,000 (+0.6%) increase. This was the fourth boost in five months.
Employment in Manitoba increased by 7,800 (+1.1%) in May, mostly offsetting declines in February and March. The unemployment rate in Manitoba was little changed at 4.9% in May, and was the lowest among the provinces.
Meanwhile, Saskatchewan had a 5,400 increase in employment in May, which was the first major rise since October of last year. On the other hand, Alberta’s employment decreased by 20,000 (-0.8) in May, which was the first significant fall in employment since September 2023.
