The Canadian employment landscape in February 2024 showcased a blend of positive and challenging trends, painting a nuanced picture of the country’s labor market. According to the latest data released by Statistics Canada, the overall payroll employment slightly decreased by 0.1%, translating to a decline of 17,700 jobs. This downturn followed a modest growth of 0.2% in January. However, the year-over-year comparison offered a more optimistic view, revealing a 0.9% increase in employment, equivalent to 154,700 jobs added since February of the previous year.
On the earnings front, Canadian workers experienced a boost in their average weekly earnings. February saw a 4.5% year-over-year growth, reaching an average of $1,232.44 per week. This positive trajectory in earnings suggests a favorable compensation trend, potentially reflecting changes in wages, employment composition, hours worked, and base-year effects.
Diving deeper into sector-specific insights, the accommodation and food services sector faced considerable challenges in February. The sector experienced a decline in payroll employment by 10,000 jobs, marking a decrease of 0.8%. This downward trend was predominantly driven by full-service restaurants and limited-service eating places, which witnessed a decline of 8,900 jobs. Similarly, the manufacturing and retail trade sectors also reported reductions in employment by 9,500 jobs (0.6%) and 8,200 jobs (0.4%) respectively.
Despite these declines, some sectors demonstrated resilience and growth. Public administration stood out with an increase of 6,600 jobs, reflecting a 0.5% growth. This growth was largely concentrated in local, municipal, and regional public administration roles. The finance and insurance sector also continued its upward trajectory, recording its third consecutive monthly increase with 6,400 jobs added, representing a growth of 0.8%.
Regionally, Ontario and Alberta emerged as the frontrunners in job vacancy increases. Ontario witnessed a significant rise, adding 18,200 jobs, an increase of 8.4%. Alberta closely followed with an uptick of 9,900 jobs, marking a growth of 13.7%. On the other hand, British Columbia maintained its lead with the highest job vacancy rate at 4.3%, while Prince Edward Island and Newfoundland and Labrador reported the lowest rates at 3.0% and 2.9% respectively.
In conclusion, February presented a mixed bag for Canada’s labor market. While certain sectors grappled with employment challenges, the overall year-over-year growth in employment and the rise in average weekly earnings underscore a reasonably stable labor market.