December 4, 2023

Weekly EconMinute—November 2023 Labour Force Survey

In this week’s EconMinute, we’re talking about the November 2023 Labour Force Survey.

Canadian labour market continues to cool: with November jobs growth (+24.9k jobs or 0.1%) trailing population growth, unemployment ticked up from 5.7% to 5.8%. Likewise, after some big swings provincially, growth is cooling in Alberta as well (+8.9k jobs or 0.4%).

Though it is still unclear what happened in September and October to cause big jobs losses followed by equivalent jobs gains (and whether it was real or a sampling error), jobs growth in November shows a reversion to the previous trend: positive, albeit weak.

Impressively, Alberta saw the biggest gains in full-time employment of any province (+23.6k). However, these gains were largely offset by losses in part-time positions (-14.8k).

From an industry perspective, the increase was primarily driven by construction, though much of this represents a recovery from jobs losses in the industry in September. More generally, goods-producing industries accounted for most of the jobs gains (62%).

One standout in recent months has been resources industries which has seen 6 months of steady gains in employment since June. Employment in the industry now sits about 8% higher than where is was pre-pandemic.

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