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January 24, 2022LABOUR FORCE SURVEY - SEASONAL ADJUSTMENT REVISIONS Statistics Canada has made their annual revisions to past Labour Force Survey's seasonal adjustment factors, affecting the last three years of seasonally adjusted data (2019-2021). Population data remain unrevised.
Nova Scotia's revised seasonally adjusted labour force survey results for December 2021:
- Labour force was 511,400 (revised upward by 900)
- Employment was 469,900 (revised down 600)
- The unemployment rate was 8.1% (revised up from 7.9%)
- The participation rate was 61.7% (revised up from 61.6%)
- The employment rate was 56.7% (revised down from 56.8%)
Changing assessments of seasonal patterns have resulted in new estimates of seasonally adjusted labour force and employment from 2019-2021. On average, monthly labour force and employment estimates are 20 higher (or 0.004%) than the unrevised numbers. The largest upward revisions occurred over September-October 2021 for the labour force and June 2020 and 2021 for employment.
Changes in monthly employment and labour force estimates result in changes to the estimates of the seasonally adjusted unemployment rate. These adjustments are small, typically reducing volatility reported in the unemployment rate. The estimated unemployment rate of 6.2% in March 2019 was revised upward to 6.5% but remains the lowest Nova Scotia unemployment rate in the Labour Force Survey (now tied with May 2019).
Based on the revised data, the employment rate rose slower over November 2020 to April 2021, and subsequently rose faster through to October 2021 than previously estimated.
Labour Force Survey results for January 2021 will be released on Friday, February 4th. DailyStats analysis will include updated data.
Source: Statistics Canada. Table 14-10-0287-01 Labour force characteristics, monthly, seasonally adjusted and trend-cycle, last 5 months
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