Saturday, March 2, 2024
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Employment Prospects Look Promising as You Get Older Than 55

Employment was little changed in October (+18,000; +0.1%) and the employment rate fell 0.1 percentage points to 61.9%.

The unemployment rate rose 0.2 percentage points to 5.7%, marking the fourth monthly increase in the past six months.

Employment was up in construction (+23,000; +1.5%) and information, culture and recreation (+21,000; +2.5%) in October. This was offset by decreases in wholesale and retail trade (-22,000; -0.7%) and manufacturing (-19,000; -1.0%).

Employment Prospects Look Promising as You Get Older Than 55

Employment increased in four provinces in October, led by Alberta (+38,000; +1.5%), while it declined in Quebec (-22,000; -0.5%).

Total hours worked were virtually unchanged in October but were up by 2.1% on a year-over-year basis.

On a year-over-year basis, average hourly wages rose 4.8% (+$1.56 to $34.08) in October, following an increase of 5.0% in September.

Employment holds steady in October

Employment was little changed in October (+18,000; +0.1%), after increasing by 64,000 (+0.3%) in September and by 40,000 (+0.2%) in August. Both full-time and part-time employment held steady in October.

The employment rate—the proportion of the working-age population that is employed—fell 0.1 percentage points to 61.9% in October, as the population aged 15 and older in the Labour Force Survey (LFS) increased by 85,000 (+0.3%).

Since January 2023, employment growth has averaged 28,000 per month, while growth in the population aged 15 and older in the LFS has averaged 81,000 per month. The employment rate in October (61.9%) was down from the recent peak of 62.5% recorded in January 2023 but was little changed from October 2022 (62.0%). The employment rate has varied between 61.9% and 62.0% since July 2023.

Employment Prospects Look Promising as You Get Older Than 55

Chart 1  Chart 1: Employment rate falls in October, little changed from a year earlier
Employment rate falls in October, little changed from a year earlier