Canada's employment up by 303,000 on yearly basis in October 2024

Highlights: Canada’s Employment rose by 303,000 on a YOY basis  

• The latest Labour Force Survey of October 2024, recorded an increase in Canada’s employment.
• Employment in Canada went up by 303,000, with a rise of +1.5% in October.
• The employment rates significantly increased amongst youngsters aged 15-24.
• Alberta and New Brunswick witnessed a growth in employment in October 2024.

 

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StatCan Reports, Employment to be steady in Canada in October 2024

The Labour Force Survey recently released data on Canada’s employment in October 2024. Employment remained steady in October, leading to an overall increase of 303,000 on a year-over-year basis.

 

Here is a complete breakdown of the recent StatCan reports in October 2024:

 

Employment among youth

Employment rose by 33,000 amongst youngsters between the ages of 15 and 24, with an increase in the employment rate of 0.4%. 

 

 

Unemployment rate in Canada 

The overall unemployment rate in Canada remained consistent at 6.5% in October. The unemployment rate among youth declined to 12.8% last month.

 

Canada's Labour force participation rate 

The labour force participation rate in recent years has been consistent. The growing population and the competitive labour market were the driving forces behind the increased labour market participation among core-aged men and women. The overall participation rate on a year-over-year basis of those aged between 55 and 64 slightly changed, with men at 73.8% and women at 61.8%.

Age group	Men	Women
55-64	73.85	61.80%

 

 

Increased Employment in Canadian sectors

In October 2024, employment increased by 29,000 in sectors like building, business, and other services. On a year-over-year basis, employment in activities that are involved in organizations' everyday operations, including administrative services and waste management, also rose by 33,000.

Sectors in Canada	% of the increase in employment
Business, building and other support services	29,000 (+4.2%)
Day-to-day operations of organizations (waste management & administrative services)	33,000 (+4.8%)

 

Increased Employment in Canadian provinces

Employment increased in provinces like New Brunswick and Alberta by +13,000 and +3,300, respectively. Other Canadian provinces, such as Ontario and Quebec, witnessed a slight change in unemployment in October 2024.

Province	% of the increase in employment
Alberta	13,000 (+0.5%)
New Brunswick	+3,300 (+0.8%)

 

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