October 2024 Canadian Employment Update

VPWS Monthly Employment Update – October 2024 📊

October 2024 brought subtle shifts in Canada’s labor market, offering insights for employers and job seekers alike. While employment numbers held steady, industry and demographic trends signal areas of growth and challenges to watch in the coming months.

Let’s break down the key highlights!

Employment Holds Steady 📌
Canada’s employment landscape saw little change in October, with an increase of just 15,000 jobs (+0.1%). The unemployment rate remained unchanged at 6.5%, reflecting a relatively stable job market. However, the employment rate—the proportion of the working-age population with jobs—dipped to 60.6%, marking the sixth consecutive monthly decline.
On a year-over-year basis, employment is up by 303,000 jobs (+1.5%), but the sustained decline in the employment rate highlights ongoing demographic and labor market challenges.

🗂️ Demographic Shifts
Youth Employment: Youth aged 15-24 saw notable gains, adding 33,000 jobs (+1.2%), largely driven by increases among young men. This marks the first employment increase for this group since April, although their overall employment rate remains 2.7 percentage points lower than this time last year.
Women Aged 55+: Unfortunately, women aged 55 and older experienced a decline of 15,000 jobs (-0.8%), signaling challenges for older workers in certain sectors.
Employment among core-aged workers (25-54) remained relatively stable, though employment rates for both men and women in this group have been trending downward since spring 2023.

📊 Insights for Employers and Job Seekers
For Employers: The steady employment rate and rising wages emphasize the importance of competitive compensation and workplace benefits to attract and retain talent. With certain industries experiencing growth, now is the time to evaluate workforce needs and align hiring strategies with market trends.

For Job Seekers: Youth and business-related sectors are showing promise, making this a good time to pursue opportunities in these areas. Leveraging tools like professional networking and tailored applications can give candidates an edge in a competitive market.

At VP Workforce Solutions, we’re committed to supporting both employers and job seekers. Reach out today!