The latest Labor Force Survey for February 2023 shows that the Canadian employment market is stable, with the unemployment rate remaining unchanged at 5.0% and employment staying relatively the same (+22,000; +0.1%). This is a positive sign for the economy as it indicates that employers are still hiring and that Canadians are still finding work even if the 5.0% unemployment rate is still shy of the record low of 4.9% posted in mid-2022. The survey also noted that there were around a million unemployed people in Canada in February, the same number registered a month earlier. Also, for adults aged 25 to 54, employment remained steady. Similarly, the survey found an insignificant change in the employment rate for youths from the earlier month.
Women Employment Trend
Canada has seen a significant increase in the employment of women between the ages of 55 – 64 by 30,000 (+1.9%) in February. Over 60% of women in this age group were employed. In February 2023, 58.9% of women aged 15 and older were employed, which is a 0.8% (214,000) increase from August 2022. This trend is reflective of an increased focus on equal employment opportunities regardless of gender or age. Women are now more likely to be found in leadership positions and other roles traditionally held by men, which is helping to reduce workplace inequality and create better work environments for all employees.
Employment Trends by Industry
Employment increase in public administration (+10,000, +0.9%) was up in February. The decline was concentrated in Ontario (+7,600; +1.7%) and New Brunswick (+1,500; +4.3%).
Employment rate decreased in business, building, and other support services (-11,000; -1.5%) which is the first notable decline in over a year for the industry. The decline was most concentrated in Ontario (-16,000, -5.3%).
Employment remained mostly the same in other industries.
The Canadian economy has been steadily growing over the past few years. This is evidenced by the fact that employment in the professional, scientific, and technical services industry was up 4.7% (+84,000) in February 2023 accounting for over 33% of total net employment growth in the preceding 3 years. Also, the industry registered the fastest growth rate of hourly wages up 9.6% (+$3.83 to $43.69) over this period.