November 2024 Labour Force Survey Shows Employment Increase and Rising Unemployment Rate

Statistics Canada released the Labour Force Survey for November 2024, indicating a national employment figure of 20,647,000. This reflects a 0.2% increase from the previous month. Employment gains were primarily in full-time positions, with an addition of 54,000 jobs. The unemployment rate rose to 6.8%, marking the highest level since January 2017, excluding the pandemic years of 2020 and 2021. The number of unemployed individuals increased by 87,000, reaching a total of 1.5 million.

Regionally, employment increased in Alberta, Quebec, Manitoba, and Prince Edward Island, while remaining relatively stable in other provinces. The private sector and self-employment figures showed little change, whereas public sector employment grew by 2.9% over the year, driven by health care and educational services.

The survey also highlighted demographic shifts, with employment rising among core-aged men (25 to 54 years) by 45,000, while it declined among women aged 55 to 64 by 20,000. The employment rate for men in the core age group increased to 86.5%, partially offsetting previous declines. In contrast, the employment rate for older women decreased to 58.6%.

Statistics Canada noted that the survey estimates are based on a sample and subject to variability, focusing on statistically significant differences at a 68% confidence level. The data collection included approximately 49,300 interviews conducted in November 2024.