Household financial struggles persist as employment stays steady and wages see moderate growth
Statistics Canada reported little change in Canadian employment for October, with an increase of 15,000 jobs (0.1 percent).
The employment rate edged down by 0.1 percentage points to 60.6 percent, while the unemployment rate remained steady at 6.5 percent.
The month saw notable employment gains among male youth aged 15 to 24, who experienced an increase of 25,000 jobs (1.8 percent). In contrast, employment declined for women aged 55 and older, decreasing by 15,000 jobs (0.8 percent). For other major age groups, employment remained stable.
In October, the business, building, and support services sector added 29,000 jobs (4.2 percent), marking its first increase since May. However, employment declined in finance, insurance, real estate, rental, and leasing by 13,000 jobs (0.9 percent), and in public administration by 8,700 jobs (0.7 percent).
Provincially, Alberta added 13,000 jobs (0.5 percent), while New Brunswick gained 3,300 jobs (0.8 percent). Prince Edward Island, however, saw a decline of 1,100 jobs (1.2 percent), impacting its unemployment rate, which rose to 10 percent.
Total hours worked across Canada increased by 0.3 percent in October, representing a year-over-year rise of 1.6 percent. Average hourly wages rose by 4.9 percent over the past year, up by $1.68 to $35.76, following similar wage growth in September.
Following September's increase of 47,000 jobs (0.2 percent), employment was largely steady in October, with a year-over-year gain of 303,000 jobs (1.5 percent). The employment rate decreased by 0.1 percentage points to 60.6 percent, continuing a six-month downward trend since February 2023.
Among youth aged 15 to 24, employment grew by 33,000 jobs (1.2 percent), mainly driven by male youth. This increase brought the youth employment rate to 54.4 percent, the first rise since April.
Employment for core-aged workers (25 to 54) saw little change, though their rate declined as the population grew.
The unemployment rate held steady at 6.5 percent in October, with shifts among specific groups. Youth unemployment dropped by 0.7 percentage points to 12.8 percent, following another decline in September. Year-over-year, however, youth unemployment remains 2.4 percentage points higher.
Core-aged women saw their unemployment rate increase by 0.2 percentage points to 5.5 percent, continuing a gradual year-long rise. Meanwhile, the unemployment rate for core-aged men was stable at 5.7 percent, showing a 0.6 percentage point rise over the year.
For individuals aged 55 and older, the unemployment rate was largely unchanged at 4.9 percent, reflecting little variation from last year.
Unemployment among First Nations people living off-reserve was 11.5 percent in October, a minor change from last year.
Core-aged First Nations individuals saw a decline in unemployment by 1.6 percentage points to 7.8 percent, while First Nations youth unemployment rose by 5.6 percentage points to 22 percent.
Among Métis, the unemployment rate dropped by 1.5 percentage points to 6.1 percent, with a significant reduction to 4.7 percent for core-aged Métis.
The labour force participation rate, measuring people aged 15 and older who are employed or seeking work, declined by 0.1 percentage points to 64.8 percent in October, the fourth monthly decline.
Students led this drop, with a 3.1 percentage point decline in participation, while non-student youth participation remained stable.
Employment in business, building, and support services rose by 29,000 jobs (4.2 percent) in October. In contrast, finance, insurance, real estate, rental, and leasing fell by 13,000 jobs (0.9 percent), while public administration employment decreased by 8,700 jobs (0.7 percent).
Alberta saw employment rise by 13,000 jobs (0.5 percent) in October, with an unchanged unemployment rate at 7.3 percent.
New Brunswick recorded gains of 3,300 jobs (0.8 percent), while Prince Edward Island saw employment fall by 1,100 jobs (1.2 percent), raising its unemployment rate to 10 percent.
In October, 28.8 percent of Canadians aged 15 and older reported difficulty meeting essential household expenses, such as transportation, housing, food, and clothing.
Quebec recorded the lowest rate of households facing financial difficulties at 22.3 percent, while Ontario and Alberta exceeded the national average.
Job satisfaction remained high among Canadian workers, with 61.3 percent rating their satisfaction as eight or higher on a ten-point scale. Self-employed workers expressed higher satisfaction (70 percent) compared to public and private sector employees.
