Highlights – August 2024
Data visualization
Unemployment rate (%) in major Canadian CMAs
Sources: Statistics Canada, Table 14-10-0380-01, and Québec International.
Overview of employment in major Canadian CMAs
Analysis
Another drop in employment in Québec City
According to Statistics Canada’s Labour Force Survey, employment in the Québec City CMA registered a fourth consecutive decrease in August 2024, with a loss of 3,300 jobs compared to July (-0.7%). The other indicators also declined during this period, including the labour force, with a loss of 2,500 people. This follows the same trend observed in previous months, although at a slower rate than in July.
In Canada, the labour market also showed signs of slowing down in recent months, but the variations were minimal in August. In the province of Quebec, employment dropped slightly (-0.1%), while it remained unchanged at the national level.
A slightly higher unemployment rate
In August 2024, the Québec City CMA’s unemployment rate increased slightly to 4.0%, a level that had not been observed since September 2021. However, this rate is comparable to pre-pandemic levels. As usual, the region registered an unemployment rate well below the Canadian average, ranking fourth in the country in terms of the lowest rates, behind Saguenay (3.9%), Thunder Bay (3.7%), and Victoria (3.3%).
Note, however, that the unemployment rate remains low and that the labour market participation indicators maintain good levels. In fact, the participation rate (65.6%) and employment rate (63.0%) remain at similar levels to those of one year ago (67.0% and 65.0%, respectively).
The unemployment rate is growing in most regions
Compared to the same period last year, the unemployment rate increased in almost all major Canadian CMAs. From August 2023 to August 2024, it went from 3.0% to 4.0% (+1.0 pp) in Québec City, while the highest increases were recorded in Edmonton (+2.4 pp), Ottawa (+1.8 pp), and Montréal (+1.7 pp).
The Québec City CMA’s labour market seems to be rebalancing compared to the previous year, with a growing unemployment rate and a slightly lower number of vacancies. Nevertheless, this situation is consistent with the expectations of stagnation for 2024 in the context of high interest rates.
El Hadji Nimaga
Economist
Québec International
