Each year, Québec International’s Economic Studies team sheds light on various important economic indicators in a publication called “Report and Outlook.” In addition to analyzing data from the previous year, our economists consider the current context and predictions to form an opinion on the changes to expect in the coming months. Québec International is therefore pleased to unveil the Labour Market section of this document.
The report for 2023 reveals unexpectedly positive results in an uncertain economic climate: growth exceeded expectations. Labour scarcity was reduced compared to the previous year, but remains an issue. As for the outlook for 2024, it converges on employment stagnation, while growth projections are lower for the region than for the rest of the country.
HIGHLIGHTS
Unexpected growth in employment
- Net creation of 15,600 jobs, the highest number created since 2018
- 3rd best performance among major Canadian CMAs
- Strong growth in the labour force : 15,000 increase
Tensions persist despite some easing
- unemployment rate 2.7%, the lowest in Canada and a historic record
- 28,291 vacant positions in the Capitale-Nationale and Chaudière-Appalaches regions, a level still high, but decreasing
- A shortfall of over 12,000 young people to fill positions left vacant by retirements
Moderate outlook for 2024
- 55% of businesses expect an increase in their workforce
- Stagnation in employment is expected by the Conference Board of Canada (+0.1%)
- The effects of combatting inflation are still visible
In other topics will be addressed over the coming weeks (demographics, purchasing power, investment and growth).
