Highlights
- In November, the unemployment rate in the region was 3.8%, a slight decrease compared to October (3.9%). For the third consecutive month, the region has had the second lowest unemployment rate in Canada.
- In November, 440,000 jobs were reported in the Québec City CMA, 5,100 fewer jobs than in October.
- For the sixth consecutive month, a decline in the active population was registered, with 5,500 fewer workers this month.
- In the province of Quebec, the number of jobs increased by 25,800 from October to November, while the unemployment rate reached 5.4%.
Commentary
The labour market in the Québec City CMA recorded a loss of 5,100 jobs in November, while the number of unemployed fell slightly. There were 17,400 unemployed people, 500 fewer than in October. The region’s active population was down by 5,500 people this month. This is the sixth consecutive month in which a decline in the active population has been registered. In November, Statistics Canada reported 457,400 people in the active population, down 1.2% compared to the same period last year. Considering the reduced number of unemployed, the decline in employment and the unemployment rate may be explained by a contraction of the pool of workers. The region logged an unemployment rate of 3.8% in November, a slight drop compared to the previous month. This rate remains very low; the region has had the second lowest unemployment rate in Canada for three months in a row. Of course, the decline in the active population also caused a decrease in participation and employment rates in November (66.8% and 64.2% respectively). However, the opposite trend can be observed among workers aged 25 to 54, who remain the most active in Canada.
Full-time employment decreased in November. The manufacturing sector recorded losses, as did the service sector. Financial and insurance services, as well as information, culture and leisure services were among the most affected. Retail trade, however, recorded new growth, with significant gains this month.
Evidence suggests that labour scarcity is accelerating and that employers have increasing difficulty filling their vacancies. There are currently 19,270 vacant positions in the Capitale-Nationale and Chaudière-Appalaches regions. This is an all-time high since Statistics Canada began compiling this kind of data in 2015. The Capitale-Nationale region has the highest vacancy rate in the province.
Émile Émond
Economist
Québec International
