Canada’s Unemployment Rate Flat At 5.8% In December

Canada’s labor market saw employment figures remain unchanged in December and the unemployment rate holding steady at 5.8%. This static overview, however, hides small shifts across various segments.

The employment rate witnessed a slight decrease to 61.6%, set against a backdrop of a 0.2% increase in the population aged 15 and older. In terms of demographic trends, there was a contrasting picture: while employment among core-aged men (25 to 54 years) saw an increase of 25,000 (+0.4%), their older counterparts (aged 55 and above) experienced a decline of 27,000 (-1.1%). Young women aged 15 to 24 defied this trend with an employment increase of 13,000 (+1.0%).

Notable gains were evident in professional, scientific, and technical services, which saw an increase of 46,000 jobs (+2.4%), and in healthcare and social assistance, with a rise of 16,000 jobs (+0.6%). On the flip side, sectors such as wholesale and retail trade, and manufacturing witnessed declines.

Regional disparities were also evident. Employment rose in provinces like British Columbia, which added 18,000 jobs (+0.6%), while Ontario experienced a notable downturn with a decline of 48,000 jobs (-0.6%).

Adding to the complexity, wage growth on a year-over-year basis was significant, with average hourly wages increasing by 5.4% to $34.45. However, the participation rate in December dipped slightly to 65.4%, primarily due to a reduction in youth participation.


Information for this story was found via Statistics Canada. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

Canada’s Economy Unexpectedly Adds 60K Jobs in June

Canada’s economy added about 60,000 new jobs in June, substantially more than the 17,300 drop...

Friday, July 7, 2023, 08:37:30 AM

US Unemployment Rate Dips to 3.6% in June

Latest data from the Bureau of Labour Statistics shows that job creation in the US...

Friday, July 7, 2023, 08:51:20 AM

US Payrolls Hit Expectations, Unemployment Rate, Earnings Weaken

America’s labour market continued to show resilience despite a slowdown in economic growth, further fuelling...

Friday, September 2, 2022, 12:27:24 PM

Canada’s Employment Levels Continue Trending Upward in August

August 2023 saw an employment boost of 40,000, a 0.2% increase from July’s numbers. This...

Friday, September 8, 2023, 08:43:10 AM

Unemployment Rate Climbs To 6.1% In March For Canada

Canada saw a notable increase in its unemployment rate in March, elevating concerns about the...

Friday, April 5, 2024, 08:47:03 AM