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New Report Reveals That Canada Added 27000 Jobs In May 2024

Canada’s latest Labor Force Survey, released in May 2024, has revealed mixed employment trends. While there was a marginal increase of 27,000 jobs, representing a 0.1 percent rise, the employment rate dipped by 0.1 percentage points to 61.3 percent. However, the unemployment rate increased to 6.2 percent, indicating a tightening job market.

Employment patterns varied across demographic groups and industries. 

It was observed that employment surged among young women (15-24 years) and women aged 55 and older but declined among core-aged women (25-54 years) and young men (15-24 years). 

Industries like Health Care, Finance, and Business Support Services saw significant job growth.

Part-time employment saw a rise of 62,000 jobs, while full-time employment decreased by 36,000. Over the past year, part-time employment has outpaced full-time employment growth. The involuntary part-time rate increased to 18.2 percent, signaling challenges in finding full-time work.

Student employment also declined, particularly among returning male students aged 20-24. Total hours worked remained unchanged, but average hourly wages saw a significant year-over-year increase of 5.1 percent.

During National Indigenous History Month, employment rates for core-aged Inuit in Nunavut declined significantly, while stability was observed among First Nations people aged 25-54 living off-reserve.

Provincially, Ontario led with a marked increase in employment, followed by gains in Manitoba and Saskatchewan. However, Alberta experienced a significant decrease in employment, marking the first major decline in several months.

Overall, while there were pockets of growth, the labor market displayed signs of volatility and challenges, reflecting the broader economic landscape.

The post New Report Reveals That Canada Added 27000 Jobs In May 2024 appeared first on CI News | Latest Canada Immigration News.

 

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