Insights

February 12, 2024

Weekly EconMinute—January 2024 Labour Force Survey

In this week’s EconMinute, we’re talking about the January 2024 Labour Force Survey.

It was another ho-hum month for Canada’s labour market. The Canadian economy added just 37k jobs in January (+0.2%), less than the rate needed to keep pace with population. Meanwhile, Alberta’s labour market remains is a slightly stronger position with 10k jobs added (+0.4%) more closely in line with population growth.

Interestingly, unemployment did not tick up nationally or provincially. In fact, it declined slightly. This was the result of a small decrease in the number of people actively looking for work in January.

However, by other measures, we are seeing early signs of slowing. For instance, the measure of unemployment which includes those people looking for full-time work (but currently employed part-time) has increased, especially in Alberta and among older Albertans (55-64).

From an industry perspective, January saw a return to a previous trend in the province: jobs growth was led by services industries. Transportation & warehousing, finance & insurance, and education all continued to add to their workforce while construction—despite high activity in the residential sector—saw jobs losses.

As a result, employment in goods-producing industries is now just barely above early 2020 levels (up just 1.7%) while employment in services industries continue to grow (up 11.6%).

Have an indicator you want us to look into? Email us at media@businesscouncilab.com.

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