Canada adds 10,000 jobs in a single month. Finance, insurance and 6 other sectors saw most hiring
1 min read . Updated: 14 Dec 2022, 11:00 AM IST
Premium- Finance, insurance, real estate, rental and leasing, manufacturing, information, culture, and recreation sectors saw maximum number of hiring last month.
Canada in the month of November added 10,000 new jobs across sectors, the latest Labour Force Survey showed. The unemployment rate fell to 5.1%, dropping another 0.1 points, meanwhile employment participation rate fell to 64.8%.
Despite this relatively minor employment growth, the data suggested that “average hourly wages of employees remained above 5% for a sixth consecutive month in November, up to $32.11" from November of 2021. This means, in the coming days, newcomers will see more opportunities to work with increased earning potential.
Sectors that saw most jobs
Finance, insurance, real estate, rental and leasing, manufacturing, information, culture, and recreation sectors saw maximum number of hiring last month.
“The number of people working in finance, insurance, real estate, rental and leasing rose by 21,000 in November" while 11.2% of employed Canadians held jobs in the retail trade industry.
The manufacturing industry saw a 1.1% rise in employment. Among the provinces, Alberta saw industry employment rise by 4.7% and Quebec added over 10,000 manufacturing jobs.
Meanwhile, the construction industry, wholesale and retail trade last month saw a sharp decline.
Construction industry employment across Canada has dropped 1.6% since the last Labour Force Survey in October 2022. Wholesale and retail trade employment also fell in November, down 0.8% in an industry that has seen a cumulative 4.4% decline since May 2022.
An employment decline is also evident for Canada’s professional, scientific, and technical services industries, which fell by 0.8% in November. The information and communications technology sector has experienced a decline in YOY employment of 3.8%, with 34,000 fewer people employed throughout this industry compared to November 2021.
How did different provinces hire?
- Quebec added28,000 jobs, while the provincial unemployment rate “reached a new record low of 3.8%" in November 2022
- In Prince Edward Island, employment fell by 1.7% overall, causing the unemployment rate to jump to 6.8%.
- Newfoundland and Labrador saw employment decline of 1.5%, though the unemployment rate remained relatively steady at 10.7%.
- Manitoba saw employment declining by 0.8% but the provincial unemployment rate held steady at 4.4%.
- Alberta's unemployment rate rose to 5.8% as employment in the province went down 0.6%.
Early next year, Canada is likely to begin conducting Express Entry draws that target foreign nationals working in specific occupations or those that have particular language skills/educational backgrounds.
