Commentaries /

LFS March 2024: Unemployment rate hits two-year high

LFS March 2024: Unemployment rate hits two-year high

Following decent growth in January and February, Canadian employment saw little change in March 2024.

Author's image
Marwa Abdou

Though job growth came to a grinding halt in March, the main headline was the unemployment rate breaking the 6% threshold for the first time in more than two years. These numbers signal that population growth continues to run ahead of labour demand. As the Bank of Canada continues to assess how much the economy is weakening under high interest rates, this report signals growing slack in the labour market, which might just test patience in terms of rate cuts.

Marwa Abdou, Senior Research Director, Canadian Chamber of Commerce

KEY TAKEAWAYS

  • Following decent growth in January and February, Canadian employment saw little change in March (-2,200; -0.0%).
  • The unemployment rate surpassed market expectations, edging up 0.3 percentage points to 6.1% from 5.8% in February. This is the rate’s largest increase since summer 2022, the first time above the 6% threshold since Jan 2022 during COVID lockdowns and brings the cumulative increase over the past year to 1.0 ppts.
  • The rise in unemployment was driven by the increase of 60K (+4.8%) of job seekers or on temporary layoffs. Unemployment was particularly up among youth where the unemployment rate rose 1.0 ppts in the month to 12.6% – the highest since September 2016 excluding the pandemic. Over the last year, the unemployment rate also increased more for core-aged Black Canadians by 3.9 ppts to 10.8%.
  • Total hours worked were virtually unchanged in March, but rose 0.7% for the first quarter, which suggests decent headline GDP growth to start the year.
  • Average hourly wages rose 5.1% (+$1.69 to $34.81) year-over-year, following an increase of 5.0% in February.
  • Youth labour market conditions (aged 15 to 24) have weakened — particularly for females — over the past year as their participation rate fell 3.0 ppts to 62.7%.
  • Employment declines were seen in three industries led by accommodation and food services (-27K; -2.4%), wholesale and retail trade (-23K; -0.8%) as well as professional services (-20K; +1.0%). There were increases in health care and social assistance (+40K; +1.5%) and construction (+15K, +1.0%).
  • Regionally, provincial employment declines occurred in Quebec (-18K; -0.4%), Saskatchewan (-6K; -1.0%) and Manitoba (-4.3K; -0.6%). This while Ontario posted its second increase this quarter (+26K, +0.3%).

SUMMARY TABLES

CHARTS

Commentaries /

LFS February 2024: Unemployment rate edges higher despite job growth

LFS February 2024: Unemployment rate edges higher despite job growth

Canada’s labour market is on track for decent job growth in the first quarter, but the headline number isn’t the whole story.

Author's image
Andrew DiCapua

Canada’s labour market is on track for decent job growth in the first quarter, but the headline number isn’t the whole story. With a declining employment rate, the economy is unable to absorb a fast-rising population into the workforce. The sectors that are growing in recent months have been as a result of labour actions or gaining back the workers who left the industry and who face acute shortages, like accommodation and food services. There were some good numbers as hours worked rose 0.3% on the month, which is a signal that the first quarter is maintaining momentum from the fourth quarter. A further normalization of wages, moderating to 5% growth in February, is also welcome news, trending in the right direction to ease core inflationary pressures.

Andrew DiCapua, Senior Economist, Canadian Chamber of Commerce

KEY TAKEAWAYS

  • On the back of stronger-than-expected job numbers in January, Canadian employment increased by 41K in February (exceeding market expectations for a gain in 20k jobs).
  • The unemployment rate rose 0.1 percentage points to 5.8%, following a similar declinein January. The employment rate declined for the fifth consecutive month, down to 61.5%, driven by a decline in labour force participation. This continues one of the longest slumps in the participation rate since its peak in February 2023 (62.4%). The Canadian economy still can’t absorb the higher population growth (+0.3% m/m), with a declining participation rate and employment growth (+0.2% m/m).
  • Total hours worked rose 0.3% on the month, and 1.3% on a year-over-year basis. This may keep GDP growth stable in Q1 2024, borrowing momentum from the last quarter.
  • Average hourly wages rose 5% on a year-over-year basis, following an increase of 5.3% in January. The Bank of Canada will want this to slow further, as services inflation continues to keep core measures above target. Though, recent wage data from the Survey on Employment, Payrolls, and Hours indicates a further dampening of wage pressures, now running under 3%.
  • Employment gains were spread across several services industries, led by accommodation and food services (+26K; +2.4%), professional services (+18K; +0.9%), other services (+11K; +1.4%), as well as construction (+11K; +0.7%). There were also declines in other industries, led by education (-17K; -1.1%), and wholesale and retail trade (-17K; -0.6%).
  • Regionally, provincial employment increased in Alberta (+17K; +0.7%), Quebec (+8.8K; 0.2%), and Ontario (+6.7K; +0.1%). Manitoba (-5.3K; -0.7%) and Newfoundland and Labrador (-1.8K; -0.7%) saw declines.

CHARTS

Commentaries /

LFS January 2024: A warmer start to the year than anticipated but winter is still coming

LFS January 2024: A warmer start to the year than anticipated but winter is still coming

Following a flat streak in the last quarter of 2023, Canada’s labour market kicked off the new year a little better than expected.

Author's image
Marwa Abdou

Following a flat streak in the last quarter of 2023, Canada’s labour market kicked off the new year a little better than expected. January saw the unemployment rate at 5.7%, surpassing expectations of 5.9%, with a 37K job increase. While this marks the first decline in over a year (since December 2022), the growth was primarily in part-time and public sector roles. As immigration rates from last year’s historic pace moderate, labour supply will continue to be dominant driver. Despite robust wage growth at 5.3% year-over-year, which is higher than ideal, this trend is expected to moderate in response to the ongoing impact of interest rate adjustments rippling through the economy, even if on a delayed schedule.

Marwa Abdou, Senior Research Director, Canadian Chamber of commerce

KEY TAKEAWAYS

  • After three months of little change, Canadian employment increased by 37K in January (exceeding market expectations for 15k).
  • The unemployment rate edged down 0.1 percentage points to 5.7% – the first decline since December 2022. However, this was driven by a drop in labour force participation. The employment rate continues to decline (down 0.1 ppts to 61.6%) because job growth (+0.2%) is not keeping pace with rapid population growth (+0.4%.)
  • The good news is that total hours worked rose 0.6% on the month, which should bode well for GDP growth staying the positive territory in Q1 2024.
  • Average hourly wages rose 5.3% (+$1.74 to $34.75) following an increase of 5.4% in December 2023, with faster growth in the upper end of the distribution.
  • Youth labour market conditions (aged 15 to 24) look to have weakened — particularly for females — over the past year as their participation rate fell 3.0 ppts to 62.7%.
  • Employment gains were spread across several industries in the services-producing sector, led by wholesale and retail trade (+31K; +1.1%) as well as finance, insurance, real estate, rental and leasing (+28K; +2.1%). There were also declines in other industries, led by accommodation and food services (-30K; -2.7%).
  • Regionally, provincial employment increases occurred in Ontario (+24K; +0.3%), Newfoundland and Labrador (+7.5K; +3.2%), Manitoba (+6.9K; +1.0%) and Nova Scotia (+3.7K; +0.7%). Saskatchewan saw a decline (-6.2; -1.0%).

SUMMARY TABLES

Sources: Statistics Canada; Canadian Chamber of Commerce Business Data Lab

CHARTS

Commentaries /

LFS December 2023: The labour market stalls in the final hour of 2023, signals underlying concerns

LFS December 2023: The labour market stalls in the final hour of 2023, signals underlying concerns

The momentum in the labour market is weakening alongside the fastest population growth in more than 50 years.

Author's image
Andrew DiCapua

The momentum in the labour market is weakening alongside the fastest population growth in more than 50 years. With essentially flat job growth in December, the Canadian labour market ends 2023 with over 5% wage growth and an unemployment rate steady at 5.8%. Although hours worked rose for the month, this will be a drag on fourth quarter GDP as we round out the year. This signals to the Bank of Canada that the guise of a strong labour market is cracking amid strong labour force gains. With wages accelerating, the Bank was wise to not celebrate at their last meeting, possibly delaying their intentions to begin rate cuts.

Andrew DiCapua, Senior Economist, Canadian Chamber of Commerce

KEY TAKEAWAYS

  • Canada’s labour market slowed in the last month of the year with employment unchanged in December, against expectation of net 15k job growth. The participation rate declined by 0.2 percentage points to 65.4%, mostly due to youth participation.
  • Population growth continues to accelerate at around 3%, resulting in an expansion of the labour force by 527k people, compared to only 479k people, with employment growth of 2.4% for 2023 YoY.
  • The unemployment rate held steady at 5.8%, after increasing in the past five of seven months.
  • Total hours worked increased by 0.4% MoM and by 1.7% YoY in December with more than one-third of Quebec public sector employees working in educational services losing hours due to a strike.
  • Wages increased by 5.4% YoY and won’t be well-received by the Bank of Canada, as they look to the timing of 2024 rate cuts.
  • By gender, employment among core-aged men (25-54) increased by 0.4% (+25k jobs). Young women (15-24) experienced a 1% increase in employment (+13k jobs), while older men (55+) saw a 1.1% decline (-27k jobs).
  • By industry, December was concentrated in professional, scientific, and technical services (+2.4%), health care and social assistance (+0.6%), and “other services” (+1.5%). Declines were observed in wholesale and retail trade (-0.7%) and manufacturing (-1.0%).
  • By province, employment increased in six provinces with Ontario experiencing the largest decline of 0.6% (-48,000 jobs).
  • The decline in full-time jobs (-24k) was offset by the increases in part-time work (+24k). Statistics Canada noted that in December, 135,000 Canadians provided ride or taxi services through an app, an increase of 48% since 2022.

SUMMARY TABLES

Sources: Statistics Canada; Bank of Canada; Canadian Chamber of Commerce Business Data Lab

CHARTS

Commentaries /

LFS November 2023: Weaknesses in Canada’s economy prevail as unemployment edges higher

LFS November 2023: Weaknesses in Canada’s economy prevail as unemployment edges higher

Despite job growth exceeding both trend and market expectations at 25K, the report is indicative of the continuing loss of momentum and broader weakness in Canada’s economy.

Author's image
Marwa Abdou

Despite job growth exceeding both trend and market expectations at 25K, the report is indicative of the continuing loss of momentum and broader weakness in Canada’s economy. All in all, as we near the end of a tumultuous year, the contrast from its beginning is stark, with a cumulative increase of 0.8 percentage points in unemployment since April 2023 (from 5.0%). Still, given the remarkable streak of low unemployment and tightness that had sustained for the better part of the year, it has cushioned us for a picture that more “decent” than bleak.

Marwa Abdou, Senior Research Director, Canadian Chamber of Commerce

KEY TAKEAWAYS

  • Continuing its cooling streak, unemployment rate ticked 0.1% higher in November at 5.8% y-o-y as Canadian employment was up by a modest 25K net new jobs.
  • Total hours worked fell 0.7% but were up 1.7% y-o-y. Average hourly wages also rose 4.8% as price pressures persist. This was also like the increase recorded in October.  Wage growth has remained between 4-5% for most of the year and is showing signs of decline.
  • With the slowdown in hiring demand coupled with the country’s ballooning population growth fueling labour supply, were seeing that the absorption of labour has continued to slow – in other words outpacing labour demand.
  • By industry, we saw gains in jobs in manufacturing (+28k; +1.6%) as well as construction (+16K; +1.0%) while wholesale and retail trade (-27k; -0.9%) and finance and insurance (-18K; -1.3%) shed jobs.
  • By gender, there were some notable gains and losses. Full-time employment increased amongst core-aged (25 to 54 years) women (+34K; 0.6%) while it was offset by decline in part-time work for the same group (-21K; +2.1%)Thiswhile, the employment rate for core-aged men continued its five-month downward streak from June (a total of 0.9 percentage points from 88.2% to 87.3%).
  • The survey also reported that, compared with a year ago, unemployed people were more likely to have been laid off – more than two-thirds (68.7%) of those who had worked in November 2022 had been laid off by last month.
  • Regionally, provincial employment had a modest increase for the second month in New Brunswick (+2.4K; +0.6%). The slight decline in Prince Edward Island (+1.3K; +1.4%) came as a break from a four-month steady streak of increases (June to September) and an abrupt no-growth October. We also saw little change in Quebec and Ontario.

SUMMARY TABLES

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Commentaries /

October 2023 LFS: From “running down a dream” to “running out of steam”

October 2023 LFS: From “running down a dream” to “running out of steam”

Much like the rest of Canada’s economy, the labour market is slowing down.

Author's image
Stephen Tapp

Much like the rest of Canada’s economy, the labour market is slowing down. Modest employment growth of 17,500 net new jobs in October, came in largely as expected, however this has failed to keep pace with the rapid population growth experienced over the course of the year. Hours worked have stagnated in recent months alongside disappointing GDP numbers.

The unemployment rate continues to slowly creep up, and now stands at 5.7% — certainly not a cause for alarm yet, but a clear signal that as labour demand/job vacancies decline and immigration adds to labour supply, the labour market continues to loosen up and rebalance. That said, market conditions are still tighter than usual, which is why wages (4.8% year-over-year) continue to run ahead of inflation (3.8%). All told, the recent string of weak data should keep the Bank of Canada on hold at its next meeting in December.

Stephen Tapp, Chief Economist, Canadian Chamber of Commerce

KEY TAKEAWAYS

  • Employment grew modestly by 17,500 net jobs in October, largelyin line with market expectations (+25,000).
  • Hours worked were largely unchanged on the month, consistentwithstagnating output.
  • Average hourly wages remain strong andcontinue to grow faster than inflation, rising 4.8% year-over-year in October, slightly slower than a month earlier.
  • Over the first 10 months of the year, employment growth (28,000 on average per month) has not kept pace with rapid population growth (85,000).
  • The unemployment rate rose to 5.7% (a little worse than the market expected, 5.6%). As job vacancies decline and immigration adds to labour supply, the labour market continues to loosen up.
  • By industry, gains in October occurred in construction (+23,000; +1.5%) and information, culture and recreation (+21,000; +2.5%). Employment fell in wholesale and retail trade (-22,000; -0.7%) and manufacturing (-19,000; -1.0%).
  • Full-time work was stable (-3k), while part-time work was up slightly (21k). Employment in the public sector continues to grow (+19k), while private-sector employment is down over the past four months.
  • Employment increased in four provinces in October (AB, SK, NS, NB). Alberta led the way (+38,000; +1.5%), while Quebec saw a decline (-22,000; -0.5%).

SUMMARY TABLES

Sources: Statistics Canada; Canadian Chamber of Commerce Business Data Lab

Sources: Statistics Canada; Canadian Chamber of Commerce Business Data Lab

LABOUR CHARTS

Commentaries /

Labour Force Survey September 2023: Canada’s job market is giving forecasters a run for their money.

Labour Force Survey September 2023: Canada’s job market is giving forecasters a run for their money.

September’s jobs report blew past market expectations of 20K net gains. But the impressive headline number is concentrated in part-time work and in very few sectors.

Author's image
Andrew DiCapua

September’s jobs report blew past market expectations of 20K net gains. But the impressive headline number is concentrated in part-time work and in very few sectors. Labour force population also outpaced recent job gains, further bringing the tight labour market more into balance, and hopefully alleviating the strain on high wage growth. With hours worked essentially unchanged this month, there will be little impact on gross domestic product (GDP) in September, leaving the possibility of a contraction in the third quarter still on the table.

Andrew DiCapua, Senior Economist, Business Data Lab, Canadian Chamber of Commerce

KEY TAKEAWAYS

  • The labour market maintained its robust momentum, at least for now. Employment grew by 64K jobs in September, following a substantial gain of 40k jobs in August. This was well above market expectations of 20K jobs.
  • Total hours worked were essentially unchanged and rose by 2.6% year-over-year. Average hourly wages stayed elevated on an annual basis, rising 5% in September, but slowed on the month. Wage growth edged up in the third quarter, which will be of concern to the Bank of Canada.
  • Labour force population has outpaced employment growth over the past few months, with an additional 72,000 individuals joining the workforce in September. The unemployment rate now holds steady at 5.5% for the third consecutive month. But, as vacancies decline and recent growth in immigration adds to labour supply, the labour market is moving closer to balance.
  • By industry, gains were concentrated in the education sector (+66K; +4.5%) largely due to the start of the school year. Transportation and warehousing also saw considerable gains (+19K; +1.8%). Meanwhile, financial services (-20K; -1.4%) and construction (-18K; -1.1%) sectors witnessed job losses. Despite the headline growth number, seven sectors reported flat or negative growth on the month.
  • In September, employment increased amongst both core-aged (25 to 54 years) men (+32K; +0.5%) and women (+37K; +0.6%). Part-time work grew 1.3%, overshadowing the modest employment gains in full-time work, which grew merely 0.1%.
  • Regionally, provincial employment was led by Quebec (+39K; +0.9%), British Columbia (+26K; +0.9%), and Ontario (+20K; +0.3%). Alberta shed jobs in September, offsetting the gains of the previous two months (-38K; -1.5%).

SUMMARY TABLES

Sources: Statistics Canada; Canadian Chamber of Commerce Business Data Lab
Sources: Statistics Canada; Canadian Chamber of Commerce Business Data Lab

LABOUR CHARTS

Commentaries /

August 2023 LFS: No white flags for Canada’s job market as momentum remains strong.

August 2023 LFS: No white flags for Canada’s job market as momentum remains strong.

August’s jobs report broke the steady cooling streak we’ve seen over the last three months. The data came in better...

Author's image
Marwa Abdou

August’s jobs report broke the steady cooling streak we’ve seen over the last three months. The data came in better than expected with the unemployment rate remaining unchanged from July at 5.5%, and with the economy adding 40,000 jobs. By now, we’re accustomed to the data not (completely) playing by the rules. 

All in all, the data reaffirmed a softening in the Canadian labour market. However, the unemployment rate remains well below pre-pandemic averages implying a tighter-than-normal labour market. This suggests that the economy has not completely returned to balance. We still need to see how these fluctuations, after unusual summer shocks like wildfires and strikes, will play out in the coming months. While there might be some relief in certain respects, it’s too early to celebrate, as we’re likely not far or safe from waving the white flag to a long-dreaded (soft) recession.

Marwa Abdou, Senior Research Director, Canadian Chamber of Commerce

KEY TAKEAWAYS

  • Breaking a three-month cooling streak, unemployment rate remained flat in August at 5.5% y-o-y as Canadian employment was up by 40K net new jobs after unexpectedly shedding 6.4K jobs in July.
  • Total hours worked rose 0.5% and remain up 2.6% y-o-y. Average hourly wages also rose 4.9% (still higher than 3.3% inflation rate), albeit at a slightly slower pace from July (5.0%).
  • As job growth remains strong, the increase in labour force populations still outpaces recent job gains, signalling that larger employment numbers will be needed if we’re to keep the unemployment rate in line.
  • By industry, we saw an uptick in jobs in professional, scientific, and technical services (+52k; +2.8%) as well as construction (+34K; +2.2%), meanwhile, as education services (-44k; -2.9%) and manufacturing (-30K; -1.6%) shed jobs.
  • By gender, there were some notable gains. Employment in August also increased amongst both core-aged (25 to 54 years) men (+33K; 0.5%) and women (+21K; +0.3%). Female youth also saw an uptick in jobs (+32K; 2.4%) as employment declined for women who are 55 years and older (-27K; 1.3%).
  • Regionally, provincial employment rose again in Alberta (+18K; +0.7%) and Prince Edward Island (+1.8K; +2.0%). We also saw gains in British Columbia (+12K; +0.4%) while Nova Scotia (-3.6K; 0.7%) shed employment. There was little change in remaining provinces.

SUMMARY TABLES

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Sources: Statistics Canada; Canadian Chamber of Commerce Business Data Lab

Commentaries /

July 2023 LFS: Unemployment rate has a modest uptick with little change in job growth.

July 2023 LFS: Unemployment rate has a modest uptick with little change in job growth.

With July’s labour force data, Canada’s unemployment rate has now been rising for the third consecutive month, reaching 5.5%. While...

Author's image
Marwa Abdou

With July’s labour force data, Canada’s unemployment rate has now been rising for the third consecutive month, reaching 5.5%. While the lackluster report was well below market expectations, with a net of -6.4K as compared to the expected +20-25K job gains, it holds steady the picture of a loosening job market. The most noteworthy component of the report is the rebound in average hourly wages, raising 5.0% year-over-year. As the only jobs report ahead of the next policy decision in early September, it is unlikely that this will be enough to raise concerns. This is especially true considering the anticipated boost in the pool of workers due to high levels of immigration. This influx, combined with slowing demand, may ease the pace of growth in the job market.

Marwa Abdou, Senior Research Director, Canadian Chamber of Commerce

KEY TAKEAWAYS

  • The unemployment rate edged up slightly to 5.5% from June’s 5.4%. Canadian employment gains were little changed in July, falling by 6,000 jobs — below market expectations of a gain of 25k. This comes after 60k jobs added in the rebound from June’s uptick.
  • While Canada’s population continues to grow, employment in July for part-time work and full-time held steady. Declines in employment, while broad based, were highest in construction (-45K, -2.8%). This was followed by public administration (-17K; -1.4%), information, culture, and recreation (-16K; -1.8%) as well as in transportation and warehousing (-14K; -1.3%). Overall, declines were offset by gains in health care and social assistance (+25K; +0.9%), educational services (+19K; +1.3%), finance, insurance, real estate, rental, and leasing (+15K; +1.1%) and agriculture (+12K; +4.6%).
  • By gender, employment was amongst women saw little variation as we saw decline in jobs for core-aged men aged 25-54 years old (-27K, -0.4%) while jobs among male youth aged 15-24 saw a modest gain (+13K; +0.9%).
  • While hours worked also remained unchanged, perhaps the most noteworthy component of the report came by way of average hourly wages. On a year-over-year (y-o-y) basis, average hourly wages rose 5.0% (+$1.59 to $33.24) in July, following increases of 4.2% in June and 5.1% in May (not seasonally adjusted). The pace of wage growth was the same for core-aged men and core-aged women albeit, wages grew at faster rate for full-time employees (+5.2% to $34.95) than for those working part-time (+4.7% to $23.50).
  • Regionally, provincial employment rose in Alberta (+12K; +0.5%), New Brunswick (+4.2 K; +1.1%), and Prince Edward Island (+1.5K; +1.7%), while it decreased in Manitoba (-6.4K; -0.9%) and Saskatchewan (-5.7K; -1.0%) and was little changed in the other provinces).

SUMMARY TABLES

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Commentaries /

June 2023 LFS: Canada’s job market is turning a corner for the first time in a year

June 2023 LFS: Canada’s job market is turning a corner for the first time in a year

Canada’s labour market is turning a corner with June’s data. Coming in at the highest level in over a year, Canada’s unemployment rate edged up to 5.4%.

Author's image
Rewa

Canada’s labour market is turning a corner with June’s data. Coming in at the highest level in over a year, Canada’s unemployment rate edged up to 5.4%. We’re also seeing average hourly wages coming off the boil, with their slowest growth in over a year. 

However, the headline jobs number was strong, exceeding market expectations with a gain of 60K jobs (vs. 20K consensus), driven by full-time employment.

Overall, the market is showing signs of strength and resilience, although wage growth is moderating while still remaining high. While a softening labour market was the kind of good news that the Bank was likely hoping for, it remains to be seen if it will be enough to dissuade another hike.

Marwa Abdou, Senior Research Director, Canadian Chamber of Commerce.

KEY TAKEAWAYS

  • Canada’s unemployment rate stands at 5.4%, a 0.2% increase from May, and the highest level in over a year. This represents a shift from the near-record lows of 4.9% recorded last summer.
  • Market analysts anticipated a slight increase in job numbers (+20,000) and a marginal recovery in workforce participation. However, June’s data surpassed expectations, reporting a gain of 60,000 jobs (0.3% increase) compared to the lackluster report in May. Considering the unemployment rate, these indicators suggest a weakening labor market.
  • June’s job gains came by way of upticks in the full-time employment (+110K; +0.7%) from May. The gains were concentrated in men; employment among women of all age groups remained relatively stable throughout June.
  • Job gains were seen in wholesale and retail trade (+33K), manufacturing (+27K), health care and social assistance (+21K) and transportation and warehousing (+10K). However, it wasn’t all positive news for Canadian businesses as declines were seen in construction (-14K), education (-14K) and agriculture (-6K).
  • Total hours worked remained virtually unchanged in June and were up 2.0% on a year-over-year basis. Conversely, average hourly wages slowed to 4.2% on a year-over-year basis in June, following an increase in May (5.1%). While it was the slowest wage growth since May 2022, this is still higher than inflation (3.4% in May). As the Bank of Canada enters a critical period in managing inflation, and ahead of next week’s policy rate announcement, this continues to be a critical indicator.
  • Provincial employment increased in three provinces – Ontario (+56K), Nova Scotia (+3.6K), and Newfoundland and Labrador (+2.3K). Employment declined in Prince Edward Island (-2.4K). There was little variation in the other provinces.
  • Overall, as the last major economic data release before next Wednesday’s interest rate decision by the Bank, this report provided some positive news as the market is slowly coming back into balance. While it won’t be the only factor weighing on the decision, it certainly won’t hurt in alleviating some of the Bank’s concerns in bringing down inflation to its target.

SUMMARY TABLES

CHARTS

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