Highlights – October 2024
Data visualization
Table 1 – Overview of employment in major Canadian CMAs in October
Sources: Statistics Canada, Table 14-10-0380-01, and Québec International.
Analysis
Monthly recovery in employment
In October, there were 453,300 people employed (+0.9%) in the Québec City CMA, the first upturn after a six-month downward trend. This performance is the fourth highest in the country. Compared to the previous month, employment gained 0.3% in the province of Quebec and 0.1% in Canada.
However, the upswing in October was not enough to offset the low employment from previous months. Therefore, the employment conditions have caught up with the region’s market, which had performed well in 2023, and stagnation in employment remains a possibility for the year 2024 as a whole.
Market tensions in Québec City: tight market and low employment
From October 2023 to 2024, the Québec City CMA—the eighth-largest Canadian CMA in terms of population—recorded the lowest demographic growth (+1.9%) among the 12 main CMAs, despite the region’s higher growth rate than usual. In terms of employment, the region registered a drop of 1.2%, one of the highest among major CMAs, before London (-1.3%) and behind Vancouver (-0.5%). However, Québec City maintains the lowest unemployment rate, which indicates tension in the labour market. In addition, the CMA ranked in the higher half of the regions in terms of employment rate (63.3%).
The younger population, the first to be affected
Over one year (October 2023 to October 2024), non-seasonally adjusted data show that young people aged 15 to 24 years old are the ones who have been the most affected by low employment, with this group registering the highest increase in the unemployment rate. Moreover, the accommodation and food, finance and insurance, and construction industries have registered drops, whereas public administration, transport and warehousing, and professional services registered gains.
Émile Émond
Senior Economist
Québec International
