November 2024 Labour Market Update
Trends, Insights, and What It Means for Businesses and Job Seekers!
November brought a mix of positive employment trends and challenges for Canada’s labour market. With employment rising by 51,000 (+0.2%), the labour market showed signs of resilience, particularly in sectors like wholesale and retail trade, construction, and professional services. However, the unemployment rate increased to 6.8%, reflecting more Canadians actively seeking work. Here’s a detailed breakdown of the latest statistics and what they mean for employers and job seekers.
Employment Trends: Core-Aged Workers Lead the Way
Employment gains in November were led by core-aged men (25-54 years), with an increase of 45,000 (+0.6%), driving their employment rate up to 86.5%. This marks a rebound after slight declines in previous months. On the other hand, women aged 55-64 years faced a 20,000 (-1.3%) decline in employment, highlighting ongoing challenges for older workers, particularly women, in re-entering or staying in the workforce.
For job seekers, this data emphasizes the importance of targeted strategies. Employers looking to attract experienced workers or diversify their workforce may find this an opportunity to tap into talent from underrepresented demographics.
Sector Insights: Where the Jobs Are
Some sectors experienced notable growth:
Wholesale and Retail Trade: +39,000 (+1.3%)
Construction: +18,000 (+1.2%)
Professional, Scientific, and Technical Services: +17,000 (+0.9%)
Educational Services: +15,000 (+1.0%)
Accommodation and Food Services: +15,000 (+1.3%)
Meanwhile, manufacturing and transportation and warehousing saw declines, with 29,000 (-1.6%) and 19,000 (-1.7%) fewer jobs, respectively. For businesses in growing sectors, the competition for talent is likely to increase. Leveraging strategic recruitment practices and highlighting industry-specific benefits will be key to attracting top talent.
Regional Variations: Alberta and Quebec Lead the Pack
Regionally, Alberta (+24,000; +1.0%) and Quebec (+22,000; +0.5%) saw the most significant job growth. This is a strong signal for businesses in these provinces to ramp up their hiring efforts while job seekers in other provinces should consider regional opportunities.
Wages and Work Hours
Average hourly wages rose by 4.1% year-over-year, reaching $35.68. While this is a positive development for workers, it may signal cost pressures for businesses. Employers should focus on creative compensation packages that go beyond wages—such as flexible work options, professional development, or robust benefits—to attract and retain talent.
Hybrid Work Trends: A Shift Back On-Site
Hybrid work remains a fixture in the Canadian workplace, with 11.5% of workers splitting their time between home and office. Notably, more hybrid workers (55.8%) are spending at least half of their hours on-site. Employers embracing hybrid models should focus on building workplace cultures that integrate both remote and in-person teams effectively.
What This Means for You
Whether you're a business owner or a job seeker, these trends highlight the need for agility and adaptability in navigating the labour market. For employers, investing in recruitment strategies that tap into diverse talent pools and addressing shifting worker preferences will be essential. Job seekers should focus on industries experiencing growth and consider upskilling or reskilling to meet market demands.
Stay tuned for more insights and tailored strategies to help you succeed in this evolving landscape.