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
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
