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February 09, 2024LABOUR MARKET TRENDS, JANUARY 2024 January labour force survey results reflect the period from January 14 to 20, 2024.
Ages 15+ (January 2024 vs December 2023, seasonally adjusted)
Nova Scotia's seasonally adjusted employment increased 3,700 (+0.7%) to 511,600 following an increase of 4,500 (+0.9%) to 507,900 in the previous month.
The change in employment was attributable to an increase in part-time employment (4,300) offset by a decrease in full-time employment (-500). Note that changes in full-time and part-time employment can also reflect changing hours for the same job.
Nova Scotia’s labour force was up 10,300 (+1.9%) in January 2024.
With a faster increase in labour force compared to employment, Nova Scotia's unemployment rate was up 1.1 percentage points to 7.0% in January 2024.
Nova Scotia's labour force participation rate was up 0.9 percentage points to 62.6% in January 2024. The employment rate was up 0.3 percentage points to 58.3% in January 2024.
Ages 15+ (January 2024 vs January 2023, seasonally adjusted)
Compared with January 2023, Nova Scotia's population over the age of 15 increased by 26,500 (+3.1%), while the labour force grew by 22,800 (+4.3%), and employment increased by 12,900 (+2.6%). The unemployment rate was up 1.6 percentage points with the participation rate up 0.7 percentage points and the employment rate down 0.3 percentage points.
Age Cohorts (January 2024 vs December 2023, seasonally adjusted)
Among youth (ages 15-24), employment increased 3,500 (+5.2%) while the labour force increased by 5,100 (+6.6%). With faster growth in the labour force, the youth unemployment rate was up 1.2 percentage points to 13.3% in January. The youth participation rate was up 3.7 percentage points to 69.1% and the youth employment rate was up 2.5 percentage points to 60.0%.
The population aged 25-54 makes up the largest part of the labour force. In the core age group, employment was down 2,700 (-0.8%) while the labour force grew by 1,700 (+0.5%). Because of falling employment and growth in the labour force, the core aged unemployment rate increased 1.3 percentage points to 5.8% in January 2024. The core aged participation rate was unchanged at 88.1% and the core aged employment rate fell 1.1 percentage points to 83.0%.
Older workers (aged 55+) reported an increase in the labour force of 3,500 (+2.8%) while employment was up 2,900 (+2.5%). With the labour force rising faster than employment, the older worker unemployment rate increased by 0.2 percentage points to 6.0%. The older worker participation rate increased 0.9 percentage points to 34.3% and the employment rate for older workers increased 0.7 percentage points to 32.2%.
Males and Females (Ages 15+, January 2024 vs December 2023, seasonally adjusted)
Monthly employment increased by 2,900 (+1.1%) for males while the labour force increased by 4,200 (+1.5%). With a smaller increase in employment than the labour force, the male unemployment rate increased 0.3 percentage points to 7.2% in January. The male participation rate was up 0.7 percentage points to 65.5% and the male employment rate increased 0.4 percentage points to 60.7%.
Females reported an increase in employment of 800 (+0.3%) while the labour force grew by 6,100 (+2.3%). With the labour force increasing more than employment, the female unemployment rate increased by 1.9 percentage point to 6.7% in January. Female participation rates were up 1.1 percentage points to 59.9% and the female employment rate was unchanged at 55.9%.
Overall, last month's labour force and employment gains were concentrated outside the core working age group,. There was a greater increase in the female labour force compared to males, while males experienced greater employment gains.
Age and sex cohorts (January 2024 vs January 2023, seasonally adjusted)
Compared with January 2023, labour force and employment growth was highest among core aged workers (whose population is also growing more than others). The next highest labour force and employment gains were among Youth (15-24). The older cohort (55+) had an increase in population and labour force, but a notably smaller increase in employment. Male population, labour force, and employment have increased more than females compared to January 2023.
Class of Worker and Industry (January 2024 vs December 2023, seasonally adjusted)
The January 2024 employment change reflected increases in private sector workers (+2,400 or +0.7%) and public sector workers (+2,700 or +2.2%), and a decrease in self-employed (-1,400 or -2.5%).
Classified by industry, the largest employment increases from December to January were in education and wholesale/retail trade. The largest declines in employment were in professional/technical/scientific services and agriculture.
Class of Worker and Industry (January 2024 vs January 2023, seasonally adjusted)
Compared to January 2023, there were gains in employment for private sector workers (+9,800 or +3.1%) and public sector workers (+6,100 or +5.0%), and a decline in self-employed (-3,000 or -5.2%).
Over the last 12 months, employment was up in most sectors with the largest gains in education and wholesale/retail trade. There were notable employment declines in construction and health care and social assistance (including daycare).
Hours worked and employment (January 2024, unadjusted)
Compared to the provincial average, a larger share of workers in agriculture, forestry/fishing/mining, construction, manufacturing, transportation/warehousing, business support including call centres, and personal/repair services worked more than 40 hours per week in January 2024.
Note that some data on those working few hours in utilities, forestry, fishing, and mining and agriculture were suppressed.
Average weekly earnings (unadjusted, both full time and part time, January 2024 vs January 2023)
Average weekly earnings increased by 5.0% from January 2023 to January 2024. The fastest gains in average weekly earnings were in manufacturing, professional/technical services, and information/culture/recreation. Agriculture, business support including call centres, and forestry/fishing/mining registered the fastest declines in average weekly earnings from January 2023.
The increase in Nova Scotia's all items consumer price index was 3.6% from December 2022 to December 2023.
Average weekly earnings across all employees were $1,085.04 in January 2024. The highest average weekly earnings (both full and part time employees) were reported in utilities, professional/technical services, and public administration. The lowest average weekly earnings were in accommodation/food services, wholesale/retail trade and business support services including call centres.
Regions (January 2024 vs January 2023, unadjusted 3 month moving average)
Compared with January 2023, labour force and employment increases were concentrated in Halifax. North Shore and Annapolis Valley reported gains in the labour force that outpaced gains in employment. Cape Breton and Southern Nova Scotia reported declines in labour force and employment compared to one year ago. Unemployment rates increased in all regions except the North Shore. Employment and participation rates increased in the North Shore, Annapolis Valley and Halifax.
Provincial Comparisons (seasonally adjusted)
Canada's labour force was up 0.1% from December, while Nova Scotia's labour force increased 1.9%. The largest increase in percentage terms among provinces was in Newfoundland and Labrador. Prince Edward Island, Quebec, Saskatchewan and British Columbia were the only provinces to report a decline in the labour force compared to the previous month.
Compared with January 2023, the national labour force was up 2.4% (+4.3% in Nova Scotia). The fastest increase was in Prince Edward Island while the slowest growth was in Quebec.
Canada's employment increased 0.2% from December to January, with declines in Quebec, Saskatchewan and British Columbia. Nova Scotia reported the third fastest gain. The largest decline was in Saskatchewan. Compared with January 2023, Nova Scotia's employment was up 2.6%, faster than the national gain of 1.7%. The largest increase in percentage terms was in Prince Edward Island while the slowest growth was in Quebec.
The national unemployment rate was 5.7% in January 2024, up from 5.0% in January 2023. Manitoba had the lowest unemployment rate while Newfoundland and Labrador reported the highest unemployment rate in January 2024.
The national participation rate was 65.7% in January 2024. The highest participation rate was in Alberta while the lowest was in Newfoundland and Labrador.
The national employment rate was 61.6% in January 2024. Alberta reported the highest employment rate while Newfoundland and Labrador reported the lowest.
Census Metropolitan Areas (January 2024, seasonally adjusted 3 month moving average)
The Halifax unemployment rate was 5.2% in the seasonally adjusted January 2024 three month moving average. Outside of Halifax the unemployment rate was 8.0%. In central and western provinces, unemployment rates in Census Metropolitan Areas are similar to or higher than unemployment rates outside CMAs. In the Atlantic Provinces unemployment rates are typically higher outside CMAs.
Halifax's participation rate was 68.6% in the seasonally adjusted January 2024 three month moving average, while participation rates were 56.0% across the rest of the province.
Halifax reported an employment rate of 65.0% in the seasonally adjusted January 2024 three month moving average, while the employment rate was 51.5% outside the city.
Sources: Statistics Canada. Table 14-10-0036-01 Actual hours worked by industry, monthly, unadjusted for seasonality; Table 14-10-0063-01 Employee wages by industry, monthly, unadjusted for seasonality; Table 14-10-0287-01 Labour force characteristics, monthly, seasonally adjusted and trend-cycle, last 5 months; Table 14-10-0380-01 Labour force characteristics, three-month moving average, seasonally adjusted; Table 14-10-0387-01 Labour force characteristics, three-month moving average, unadjusted for seasonality, last 5 months; Table 14-10-0355-01 Employment by industry, monthly, seasonally adjusted and unadjusted, and trend-cycle, last 5 months (x 1,000); Table 14-10-0288-01 Employment by class of worker, monthly, seasonally adjusted and unadjusted, last 5 months (x 1,000); Table: 14-10-0380-02 Labour force characteristics, three month moving average, seasonally adjusted (x 1,000)
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