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March 08, 2024LABOUR MARKET TRENDS, FEBRUARY 2024 February labour force survey results reflect the period from February 11 to 17, 2024.
Ages 15+ (February 2024 vs January 2024, seasonally adjusted)
Nova Scotia's seasonally adjusted employment increased 6,300 (+1.2%) to 517,900 following an increase of 3,700 (+0.7%) to 511,600 in the previous month.
The change in employment was attributable to an increase in full-time employment (7,900) partially offset by a decrease in part-time employment (-1,800). 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 1,200 (+0.2%) in February 2024.
With employment growth outpacing labour force growth, Nova Scotia's unemployment rate declined 1.0 percentage point to 6.0% in February 2024.
Nova Scotia's labour force participation rate was unchanged at 62.6% in January 2024. The employment rate was up 0.5 percentage points to 58.8% in February 2024.
Ages 15+ (February 2024 vs February 2023, seasonally adjusted)
Compared with February 2023, Nova Scotia's population over the age of 15 increased by 27,100 (+3.2%), while the labour force grew by 24,200 (+4.6%), and employment increased by 21,600 (+4.4%). The unemployment rate was up 0.2 percentage points with the participation rate up 0.9 percentage points and the employment rate up 0.2 percentage points.
Ages 15+ (January-February 2024 vs January-February 2023, seasonally adjusted)
Compared with January-February 2023, Nova Scotia's population over the age of 15 increased by 26,800 (+3.1%), while the labour force grew by 23,500 (+4.5%), and employment increased by 17,300 (+3.5%). The unemployment rate was up 0.9 percentage points with the participation rate up 0.8 percentage points and the employment rate up 0.2 percentage points.
Age Cohorts (February 2024 vs January 2024, seasonally adjusted)
Among youth (ages 15-24), employment increased 2,000 (+2.8%) while the labour force fell by 1,600 (-1.9%). With faster growth in employment than labour force, the youth unemployment rate was down 4.2 percentage points to 9.1% in February. The youth participation rate was down 1.7 percentage points to 67.4% and the youth employment rate was up 1.3 percentage points to 61.3%.
The population aged 25-54 makes up the largest part of the labour force. In the core age group, employment was up 3,400 (+1.1%) while the labour force grew by 2,800 (+0.8%). With faster employment growth than labour force, the core aged unemployment rate fell 0.2 percentage points to 5.6% in February 2024. The core aged participation rate was up 0.4 percentage points at 88.5% and the core aged employment rate was up 0.6 percentage points to 83.6%.
Older workers (aged 55+) reported the labour force was unchanged and employment was up 900 (+0.7%). WIth employment growth on an unchanged labour force, the older worker unemployment rate declined by 0.7 percentage points to 5.3%. The older worker participation rate declined 0.1 percentage points to 34.2% and the employment rate for older workers increased 0.2 percentage points to 32.4%.
Males and Females (Ages 15+, February 2024 vs January 2024, seasonally adjusted)
Monthly employment increased by 2,600 (+1.0%) for males while the labour force increased by 500 (+0.2%). With a smaller increase in labour force than employment, the male unemployment rate declined 0.7 percentage points to 6.5% in February. The male participation rate edged down 0.1 percentage points to 65.4% and the male employment rate increased 0.5 percentage points to 61.2%.
Females reported an increase in employment of 3,600 (+1.4%) while the labour force grew by 600 (+0.2%). With employment increasing faster than labour force, the female unemployment rate declined by 1.1 percentage points to 5.6% in February. Female participation rates were unchanged at 59.9% and the female employment rate increased 0.7 percentage points to 56.6%.
February's employment gains were seen across all age and sex cohorts, though labour force gains were concentrated among those of core working age. There was a greater increase in female employment compared to males.
Age and sex cohorts (February 2024 vs February 2023, seasonally adjusted)
Compared with February 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). Both the youth and oolder cohort (55+) had an increase in employment that outpaced labour force gains. Male population, labour force, and employment have increased more than females compared to February 2023.
Age and sex cohorts (January-February 2024 vs January-February 2023, seasonally adjusted)
Compared with January-February 2023, labour force and employment growth was highest among core aged workers (whose population is also growing more than others). Youth workers had a faster increase in employment while older workers had a faster increase in labour force (as did the core aged cohort). Male population, labour force, and employment have increased more than females compared to January-February 2023.
Class of Worker and Industry (February 2024 vs January 2024, seasonally adjusted)
The February 2024 employment change reflected increases in private sector workers (+5,800 or +1.8%) and public sector workers (+1,600 or +1.3%), and a decrease in self-employed (-1,100 or -2.0%).
Classified by industry, the largest employment increases from January to February were in wholesale/retail trade, information/culture/recreation and accommodation/food. The largest decline in employment was in finance/insurance/real estate.
Class of Worker and Industry (February 2024 vs February 2023, seasonally adjusted)
Compared to February 2023, there were gains in employment for private sector workers (+17,500 or +5.5%) and public sector workers (+8,800 or +7.3%), and a decline in self-employed (-4,600 or -8.0%).
Over the last 12 months, employment was up in most sectors with the largest gains in wholesale/retail trade and education. There were notable employment declines in construction and forestry/fishing/mining.
Class of Worker and Industry (January-February 2024 vs January-February 2023, seasonally adjusted)
Compared to January-February 2023, gains were strongest for private sector workers (13,700 or +4.3%) followed by public sector workers (+7,400 or +6.1%). The number of self employed declined (-3,800 or -6.6%) in January-February 2024.
Gains in employment were strongest in wholesale/retail and education while the largest declines were in construction, forestry/fishing/mining and health/social assistance (including daycares) in the first two months of 2024.
Hours worked and employment (February 2024, unadjusted)
Compared to the provincial average, a larger share of workers in agriculture, forestry/fishing/mining, construction, manufacturing, transportation/warehousing, finance/insuramce/real estate and personal/repair services worked more than 40 hours per week in February 2024.
Note that some data on those working few hours in utilities and agriculture were suppressed.
Average weekly earnings (unadjusted, both full time and part time, February 2024 vs February 2023)
Average weekly earnings increased by 6.2% from February 2023 to February 2024. The fastest gains in average weekly earnings were in manufacturing, professional/technical services, and utilities. Agriculture, forestry/fishing/mining and business support including call centres registered the fastest declines in average weekly earnings from February 2023.
The increase in Nova Scotia's all items consumer price index was 3.0% from January 2023 to January 2024.
Average weekly earnings across all employees were $1,107.99 in February 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.
Average weekly earnings (unadjusted, both full time and part time, January-February 2024 vs January-February 2023)
Average weekly earnings increased 5.6% in the first two months of 2024 compared to the same two months of 2023. The fastest gains in average weekly earnings were in manufacturing, professional/technical services, and accommodation/food. Agriculture, business support (including call centres), and forestry/fishing/mining registered the fastest declines in average weekly earnings in January-February 2024.
Average weekly earnings in the first two months of 2024 were highest 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) in January-February 2024.
Regions (February 2024 vs February 2023, unadjusted 3 month moving average)
Compared with February 2023, labour force and employment increases were concentrated in Halifax. Halifax and North Shore reported gains in the labour force that outpaced gains in employment. Annapolis Valley had equal labour force and employment gains, with an increase in those not in the labour force. Cape Breton reported labour force gains and a smaller increase in employment. Southern Nova Scotia reported declines in labour force and employment compared to one year ago. Unemployment rates increased in all regions except the Annapolis Valley. Employment rates and participation rates increased in the North Shore, Annapolis Valley and Halifax.
Regions (January-February 2024 vs January-February 2023, unadjusted 3 month moving average)
Compared with the first two months of 2023, all regions except Southern Nova Scotia reported higher labour force. Employment declined in Cape Breton and Southern Nova Scotia. Unemployment increased in all regions.
Provincial Comparisons (seasonally adjusted)
Canada's labour force was up 0.4% from January, while Nova Scotia's labour force increased 0.2%. The largest increase in percentage terms among provinces was in Saskatchewan. Newfoundland and Labrador, Prince Edward Island, Manitoba and British Columbia reported a decline in the labour force compared to the previous month.
Compared with February 2023, the national labour force was up 2.6% (+4.6% 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 January to February, with the only declines in Newfoundland and Labrador and Manitoba. Nova Scotia reported the fastest monthly gain. Compared with February 2023, Nova Scotia's employment was up 4.4%, faster than the national gain of 1.8%. The largest increase in percentage terms was in Prince Edward Island while the slowest growth was in Quebec.
The national unemployment rate was 5.8% in February 2024, up from 5.1% in February 2023. Manitoba had the lowest unemployment rate while Newfoundland and Labrador reported the highest unemployment rate in February 2024.
The national participation rate was 65.3% in February 2024. The highest participation rate was in Alberta while the lowest was in Newfoundland and Labrador.
The national employment rate was 61.5% in February 2024. Alberta reported the highest employment rate while Newfoundland and Labrador reported the lowest.
Census Metropolitan Areas (February 2024, seasonally adjusted 3 month moving average)
The Halifax unemployment rate was 5.0% in the seasonally adjusted February 2024 three month moving average. Outside of Halifax the unemployment rate was 7.8%. 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 69.0% in the seasonally adjusted February 2024 three month moving average, while participation rates were 56.2% across the rest of the province.
Halifax reported an employment rate of 65.5% in the seasonally adjusted February 2024 three month moving average, while the employment rate was 51.8% 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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