In this week’s EconMinute, we’re talking about November Labour Force Survey numbers.
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Canada’s labour market slowed considerably in November, adding just 10k jobs compared to 108k in October. Quebec, Nova Scotia and Ontario were the only provinces to add workers. All others posted job losses, including Alberta which, at -15k jobs, saw the largest decline of all.
Despite flat job growth, Canada’s unemployment rate fell slightly in November, from 5.2% to 5.1% as slightly fewer people were actively looking for work. In Alberta, the jobless rate jumped from 5.2% to 5.8%—its highest level since April.
The good news is that despite November’s losses, 2022 has been a good year for job creation in Alberta. With 11 out of 12 months in the books, Alberta leads all provinces except PEI in employment growth.
Job losses in AB were heavily concentrated in three industries: trade (-16k), construction (-13k) and hospitality (-10k). That blow was softened by smaller gains in misc. services (8k), manufacturing (6k) and resource extraction (4k).
Both full-time and part-time employment fell in Alberta in November. There were about 10k fewer FT jobs across the province compared to October, and 5k fewer PT jobs.
November’s job losses were heavily concentrated in Alberta’s two major cities. Employment in Edmonton has fallen for four consecutive months, and in Calgary, three. There were also minor job losses in the Lethbridge area, while all other parts of the province posted small gains.
Job prospects for young Albertans are weakening. Since June, 12k women under 25 have lost their jobs, alongside 10.5k young men. Even so, the youth unemployment rate isn’t rising because many are simply giving up looking for work. #abecon #cdnecon
With the labour market softening, Alberta’s long-term unemployment rate is beginning to trend upward again. About 14% of unemployed Albertans have been without a job for a year or longer.