In May 2024, the job market showed little overall change, with a modest addition of 27,000 jobs, reflecting a slight growth rate of 0.1%. However, the employment rate dropped slightly by 0.1 percentage points to 61.3%.

This minor shift follows a more substantial increase in April, where 90,000 jobs were added. Over the past year, employment has risen by 402,000 jobs, translating to a 2.0% increase.

The unemployment rate inched up to 6.2% in May, marking a 0.1 percentage point rise for the month and a 0.9 percentage point increase compared to the same time last year.

Industry-Specific Changes

Several industries saw significant employment shifts in May 2024. The healthcare and social assistance sector continued its upward trend with an addition of 30,000 jobs, marking the third month of consecutive growth. This increase highlights the sustained demand for healthcare and social support services. The finance, insurance, real estate, rental, and leasing sector also added 29,000 jobs, continuing its recovery since November 2023 with a cumulative gain of 76,000 jobs.

Conversely, the construction sector experienced a notable decline, losing 30,000 jobs. This continues a downward trend, with a year-over-year loss of 35,000 jobs. The transportation and warehousing sector also saw a decrease of 21,000 jobs in May, though it maintained a year-over-year growth of 48,000 jobs. The utilities sector faced a reduction of 5,400 jobs, indicating some instability within these industries.

Change Across Provinces and Territories

Ontario led the employment gains in May 2024 with an increase of 50,000 jobs, marking the fourth increase in five months and raising the province's employment rate by 0.2 percentage points to 60.8%. Manitoba also saw notable growth, adding 7,800 jobs and offsetting earlier declines from February and March. Saskatchewan gained 5,400 jobs, the first significant increase since October 2023.

On the other hand, Alberta experienced a loss of 20,000 jobs, its first major drop since September 2023, which brought the unemployment rate to 7.2%. Newfoundland and Labrador and Prince Edward Island also saw declines, losing 2,100 and 1,100 jobs, respectively. Quebec's employment remained stable, with little change and an unemployment rate of 5.1%. These regional differences underscore the varied economic conditions across Canada, with some areas seeing growth and others facing challenges.

Last month, the employment rate for First Nations individuals aged 25 to 54 living off-reserve was 68.7%. For Métis in the same age group, the employment rate was 77.8%. In contrast, the employment rate for Inuit in Nunavut aged 25 to 54 was 51.8%, down by 5.7% earlier.

Trends in Remote Work

In May 2024, 13.2% of employed Canadians worked exclusively from home, a decrease of 1.2 percentage points compared to May 2023. Meanwhile, the proportion of workers with a hybrid work arrangement remained steady at 10.3%.

The statistics used from the Labour Force Survey, May 2024, released by Statistics Canada Statistics Canada. (2024). Labour Force Survey, May 2024.