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The Q2 Update

Author: Bevertec |

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Employment saw little change in May, with an increase of 27,000 jobs, translating to a modest 0.1% growth. Despite this, the employment rate fell by 0.1%to 61.3%. This slight change comes after a significant increase of 90,000 jobs in April. 

The unemployment rate edged up to 6.2% in May, marking a 0.1% increase for the month and a 0.9 percentage point rise compared to the previous year.

Trends Across Industries 

In May 2024, several sectors experienced notable shifts in employment. The healthcare and social assistance sector saw an increase of 30,000 jobs, marking the third consecutive month of growth in this industry. This trend reflects the ongoing demand for healthcare services and social support. Similarly, the finance, insurance, real estate, rental, and leasing sector added 29,000 jobs. This sector has rebounded since November 2023, with a cumulative increase of 76,000 jobs, indicating a recovery following earlier declines.

Contrastingly, the construction sector faced a significant decline, losing 30,000 jobs. This drop continues a year-over-year decrease, with employment in construction down by 35,000 jobs. The transportation and warehousing sector also saw a reduction, with 21,000 fewer jobs in May. Despite this monthly decline, the sector experienced a year-over-year growth of 48,000 jobs. Additionally, the utilities sector faced a reduction of 5,400 jobs, highlighting some volatility in these industries.

Trends Across Provinces & Territories

Ontario led employment gains in May 2024 with an increase of 50,000 jobs, marking the fourth gain in five months. This growth raised the province's employment rate by 0.2 percentage points to 60.8%, the first increase since June 2023. Manitoba also saw significant growth, adding 7,800 jobs, which mostly offset earlier declines in February and March. Saskatchewan experienced a notable gain of 5,400 jobs, the first significant increase since October 2023.

In contrast, Alberta faced a decline, losing 20,000 jobs. This was the first major drop since September 2023, bringing the unemployment rate to 7.2%. Newfoundland and Labrador, along with Prince Edward Island, also saw employment declines, losing 2,100 jobs and 1,100 jobs, respectively. Quebec's employment remained steady with little change, maintaining an unemployment rate of 5.1%. These regional variations highlight the diverse economic conditions across Canada, with some provinces experiencing growth while others face challenges.

Last month, the employment rate for First Nations people aged 25 to 54 living off-reserve was 68.7%, and for Métis in the same age group, it was 77.8%. The employment rate for Inuit in Nunavut aged 25 to 54 was 51.8%, down 5.7 percentage points from a year earlier.

Remote Work Trends

In May 2024, 13.2% of employed Canadians worked exclusively from home, down 1.2 percentage points from May 2023. The proportion of workers with a hybrid work arrangement remained stable at 10.3%.

The statistics used from the Labour Force Survey, May 2024, released by Statistics Canada Statistics Canada. (2024). Labour Force Survey, May 2024.