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CAN | Dec 4, 2022

Unemployment in Canada on the decline

/ Our Today

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Employment grew in finance, insurance, rental among other sectors

Durrant Pate/Contributor

The unemployment rate in Canada is on the decline moving to 5.1 per cent in November of 2022, down slightly from the 5.2 per cent in the prior month and beating market estimates of 5.3 per cent.

This was the second decrease in three months, edging the rate closer to the record low of 4.9 per cent observed in June and July. The latest employment numbers from Statistics Canada signals that the Canadian labour market remains tight.

The number of unemployed individuals fell by 23,800 to 1,049,000, largely due to lower joblessness for women aged lower than 24 years and men aged older than 50. Still, the number of individuals facing long-term unemployment was steady at 174,000.

In the meantime, the number of employed individuals rose by 10,100 to 19,114,000, especially among the core working ages. Employment grew in finance, insurance, rental and leasing, and information, culture, and recreation sectors of the economy.

Meanwhile, the labour force participation fell by 0.1 percentage point to 64.8 per cent.

Unemployment among female youth and older men

Unemployment rate declines among female youth and older men. Among core-aged people, the unemployment rate of both men (4.3%) and women (4.1%) was little changed in November. The unemployment rate among young women aged 15 to 24 fell 1.2 percentage points to 9.3 per cent in November, the first decline since June.

The rate was 2.2 percentage points above its June low of 7.1 per cent. Among young men, the unemployment rate was little changed in November at 11.2 per cent.

Following declines in February and March 2022, the unemployment rate for this group has hovered around the same level since April. Women aged 55 and older saw little change in their unemployment rate in November (4.5%), with the rate remaining above the recent low of 3.6 per cent observed in June.

Employment was up among women in the core working ages of 25 to 54, and declined among young men aged 15 to 24. It was little changed among the other main demographic groups.

Areas of job growth

The employment rate among core-aged women reached a new record high of 81.6 per cent in November. Employment rose in finance, insurance, real estate, rental and leasing; manufacturing; as well as in information, culture, and recreation.

At the same time, it fell in several industries, including construction and wholesale and retail trade. While employment increased in Quebec, it declined in five provinces, including Alberta and British Columbia.

Year-over-year growth in the average hourly wages of employees remained above five per cent for a sixth consecutive month in November, up 5.6 per cent (+$1.71 to $32.11) compared with November 2021. After increasing 0.7 per cent in October, total hours worked were little changed in November.

Compared with 12 months earlier, total hours worked were up 1.8 per cent. In November 2022, more than one in 10 (11.2%) workers were employed in the retail trade industry (not seasonally adjusted).

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