Highlights – December 2023
Data visualization
Employment evolution over one year
Sources: Statistics Canada, Table 14-10-0380-01, and Québec International
Overview of employment in major Canadian regions
Analysis
Stable employment in Québec City
Statistics Canada’s Labour Force Survey (LFS) shows a slight increase in employment in December (+0.3%). The participation rate also grew slightly, reaching 68%, a 0.1 percentage point (pp) increase from November. Labour market participation indicators remain positive, with 1,200 additional jobs and 1,200 more people in the labour force. In the rest of the country, the labour market also registered little variation in December. The province of Quebec saw a very slight decrease in its employment rate (-0.2 pp) for the second month in a row, as did Canada (-0.1 pp).
The lowest unemployment rate in Canada
Data shows that in December 2023, the unemployment rate was 2.7% in the Québec City CMA, the same as in November 2023. With this, the region registered the lowest unemployment rate among Canadian CMAs, ahead of Saguenay (3.0%) and Peterborough (3.4%). In fact, Québec City is experiencing its second-lowest unemployment rate since May (2.6%). Compared to December of last year (3.1%), this is a drop of 0.4 pp. It is also the lowest level for the month of December since 2021 (2.4%).
A positive annual balance
The Québec City region continued to create jobs throughout 2023. Annual numbers show that there are more people in the labour market than a year ago (+24,100 jobs). Despite the uncertain economic situation, the region’s labour market maintains a positive dynamic thanks to an increase in its labour force (+22,700 people). The employment rate progressed well throughout the year and settled at 66.1% (+2.6 pp), as did the participation rate, reaching 68.0% (+2.4 pp). Nevertheless, the current employment and participation rates remain below the historic highs recorded in May 2019 (69.4% and 71.2%, respectively). This situation is not expected to be reversed, as the aging of the population exerts downward pressure on both indicators.
El Hadji Nimaga
Economist
Québec International
