In October, Canada’s labour market saw minimal employment change with a modest increase of 15,000 jobs, leaving the national employment rate slightly lower at 60.6%, Statistics Canada reported.
The national unemployment rate held at 6.5%, unchanged from the previous month, reflecting stability in the overall labour force. This slight rise in jobs follows a larger gain of 47,000 positions in September, said the federal agency.
Youth Employment Sees Gains, Older Workers Experience Decline
Youth employment experienced notable growth in October, adding 25,000 jobs for young men aged 15 to 24, a 1.8% increase. Conversely, women aged 55 and older faced job losses, with employment down by 15,000, or 0.8%. Employment among other age groups remained relatively stable, although the year-over-year employment rate among core-aged workers (25-54) continued its gradual decline.
The youth employment rate ticked up by 0.4 percentage points to 54.4%, while core-aged workers saw a 0.3 percentage point decline. Meanwhile, the youth unemployment rate decreased by 0.7 percentage points to 12.8%, continuing a downward trend from its August high of 14.5%, explained StatsCan.
Photo- Yan Krukau
Industry Shifts: Gains in Support Services, Losses in Finance and Public Administration
The federal agency said certain sectors witnessed meaningful shifts. Business, building, and other support services saw a significant employment increase of 29,000 jobs (4.2%), marking the first rise in this sector since May. In contrast, finance, insurance, real estate, rental, and leasing dropped by 13,000 positions (-0.9%), and public administration recorded a decrease of 8,700 jobs (-0.7%).
Provincial Job Market Variations: Alberta and New Brunswick Up, P.E.I. Down
Regionally, employment trends varied across provinces. Alberta added 13,000 jobs, a 0.5% increase, while New Brunswick saw gains of 3,300 positions (0.8%). Prince Edward Island faced a decrease of 1,100 jobs (-1.2%), contributing to a higher provincial unemployment rate of 10.0%. Both Quebec and Ontario saw little movement in employment or unemployment rates, at 5.7% and 6.8%, respectively, added the report.
Hours Worked and Wage Growth
Total hours worked across the economy rose by 0.3% in October and were 1.6% higher compared to the same month last year. Average hourly wages increased by 4.9% year-over-year, reaching $35.76 in October. This growth rate followed a 4.6% increase in September, signaling sustained wage increases amid inflationary pressures, said Statistics Canada.
Participation and Satisfaction Trends: Financial Pressures Remain
The federal agency said the labour force participation rate edged down to 64.8%, continuing a four-month downward trend. Canadians are still facing financial challenges, with nearly 29% reporting difficulty meeting household needs. Younger Canadians, those living in rented homes, and recent immigrants are among those most affected by financial pressures.
Job satisfaction remains high, with 61.3% of workers reporting strong satisfaction in October, though slightly down from last year. Self-employed individuals were most satisfied at 70%, compared to 60% for public and private sector employees.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list. He was also named by RETHINK to its global list of Top Retail Experts 2024.
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