In this week’s EconMinute, we’re talking about the June 2023 Labour Force Survey.
Have an indicator you want us to look into? Email us at media@businesscouncilab.com.
The labour market remains drum tight as of June. Though unemployment did increase slightly (from 5.2 to 5.4%) this was mainly due to more people entering the labour market to look for work. Nationally, employment increased 60k from May to June (0.3%).
Turning to Alberta, the labour market is showing continued strength. Employment climbed 10.6k (0.43%) in June and the unemployment rate remained at a low of 5.7%. Next, we’ll share three things to know about the Alberta labour market in June.
1) Most of the gains in the province were in full-time positions. And, unlike most other provinces, Alberta did not see a loss in part-time jobs. However, it is possible that this is due to the response to the wildfires which may boost part-time employment (especially in forestry and construction) in the short-term.
2) Wholesale and retail trade added the most jobs in June. Overall, about half of Alberta’s industries increased employment. Of note, Alberta’s historic population growth is likely driving domestic demand across many of these industries, especially retail.
3) Wage growth—which has been weak in the province—accelerated in June. Meanwhile, wage growth cooled in the rest of Canada (something the Bank of Canada will be encouraged to see).