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June 07, 2024LABOUR MARKET TRENDS, MAY 2024 May labour force survey results reflect the period from May 12 to 18, 2024.
Ages 15+ (May 2024 vs April 2024, seasonally adjusted)
Nova Scotia's seasonally adjusted employment declined by 900 (-0.2%) to 514,600 in May following a decline of 900 (-0.2%) to 515,500 in the previous month.
The change in employment was attributable to a decrease in full-time employment (-1,400) partially offset by an increase in part-time employment (+600). 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 by 600 (+0.1%) to 549,900 in May 2024.
With an increase to the labour force and a decline in employment, Nova Scotia's unemployment rate rose 0.3 percentage points to 6.4% in May 2024.
Nova Scotia's labour force participation rate declined 0.1 percentage point to 62.0% and the employment rate was down 0.3 percentage points to 58.0% in May 2024.
Ages 15+ (May 2024 vs May 2023, seasonally adjusted)
Compared with May 2023, Nova Scotia's population over the age of 15 increased by 26,700 (+3.1%), while the labour force grew by 25,400 (+4.8%), and employment increased by 21,000 (+4.3%). The unemployment rate was up 0.5 percentage points with the participation rate up 1.0 percentage point and the employment rate up 0.6 percentage points.
Ages 15+ (January-May 2024 vs January-May 2023, seasonally adjusted)
Compared with January-May 2023, Nova Scotia's population over the age of 15 increased by 26,900 (+3.1%), while the labour force grew by 23,400 (+4.4%), and employment increased by 19,000 (+3.8%). The unemployment rate was up 0.5 percentage points with the participation rate up 0.8 percentage points and the employment rate up 0.4 percentage points.
Age Cohorts (May 2024 vs April 2024, seasonally adjusted)
Among youth (ages 15-24), employment declined by 2,100 (-2.9%) while the labour force fell by 1,300 (-1.6%). With a faster decline in employment than labour force, the youth unemployment rate rose 1.3 percentage points to 12.9% in May. The youth participation rate declined 1.4 percentage points to 67.2% and the youth employment rate was down 2.1 percentage points to 58.6%.
The population aged 25-54 makes up the largest part of the labour force. In the core age group, employment declined 2,700 (-0.8%) while the labour force declined by 800 (-0.2%). With employment falling faster than labour force, the core aged unemployment rate was up by 0.5 percentage points to 5.8% in May 2024. The core aged participation rate was down 0.5 percentage points to 87.4% and the core aged employment rate was down 1.0 percentage point to 82.3%.
Older workers (aged 55+) reported the labour force increased by 2,600 (+2.1%) while employment increased by 3,900 (+3.3%). With employment rising faster than the labour force, the older worker unemployment rate declined 1.0 percentage point to 3.9%. The older worker participation rate rose 0.7 percentage points to 33.9% and the employment rate for older workers rose 1.0 percentage point to 32.6%.
Males and Females (Ages 15+, May 2024 vs April 2024, seasonally adjusted)
Monthly employment rose by 500 (+0.2%) for males while the labour force rose by 800 (+0.3%). With a larger increase in labour force than employment, the male unemployment rate rose 0.2 percentage points to 6.6% in May. The male participation rate declined 0.1 percentage point to 64.6% and the male employment rate declined 0.1 percentage points to 60.4%.
Females reported a decline in employment of 1,400 (-0.5%) while the labour force declined 200 (-0.1%). With labour force declining at a slower pace than employment, the female unemployment rate increased 0.5 percentage points to 6.3% in May. The female participation rate declined 0.2 percentage points to 59.5% and the female employment rate declined 0.4 percentage points to 55.8%.
May's decline in employment was primarily due to declines among core-aged and youth workers and females, partially offset by increases for older workers and males. The large increase in the labour force for older workers offset the labour force declines among youth and core-aged workers.
Age and sex cohorts (May 2024 vs May 2023, seasonally adjusted)
Compared with May 2023, labour force and employment growth was highest among core aged workers (whose population has also grown the most over this period). The next highest labour force and employment gains were among youth (15-24). Only the older cohort had an increase in employment that outpaced labour force gains on a year-over-year basis. Male population, labour force, and employment have increased more than females compared to May 2023. Females saw a notable year-over-year increase in unemployment compared to males.
Age and sex cohorts (January-May 2024 vs January-May 2023, seasonally adjusted)
Compared with January-May 2023, labour force and employment growth was highest among core aged workers (whose population is also growing more than others). Labour force growth outpaced employment growth for core-aged workers, and to a lesser extent, youth workers. Older workers saw a larger increase in employment than labour force. Male population, labour force, and employment have increased more than females compared to January-May 2023.
Class of Worker and Industry (May 2024 vs April 2024, seasonally adjusted)
The May 2024 employment change primarily reflected a decline in private sector employment (-3,700, -1.1%). There were increases for public sector (+2,600, +2.0%) and self-employed workers (+100, +0.2%).
Classified by industry, the largest employment decline from April to May was in manufacturing, followed by health care and social assistance and accommodation and food services. The largest increase in May was in public administration.
Class of Worker and Industry (May 2024 vs May 2023, seasonally adjusted)
Compared to May 2023, there were gains in employment for private sector workers (+12,900 or +4.1%) and public sector workers (+15,100 or +12.7%), and a decline in self-employed (-6,900 or -11.8%).
Over the last 12 months, employment was up in most sectors with the largest gains in public administration and education. The only declines were reported in business/support (includes call centres), professional/technical services, manufacturing and agriculture.
Class of Worker and Industry (January-May 2024 vs January-May 2023, seasonally adjusted)
Compared to January-May 2023, gains were strongest for private sector workers (+13,900 or +4.4%) followed by public sector workers (+10,500 or +8.7%). The number of self employed declined (-5,300 or -9.2%) in January-May 2024.
Gains in employment were strongest in wholesale/retail and education while the largest declines were in professional/technical services and agriculture in the first five months of 2024.
Hours worked and employment (May 2024, unadjusted)
Compared to the provincial average, a larger share of workers in forestry/fishing/mining, agriculture, manufacturing, construction, and business support (including call centres) worked more than 40 hours per week in May 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, May 2024 vs May 2023)
Average weekly earnings increased by 8.2% from May 2023 to May 2024. The fastest gains in average weekly earnings were in agriculture, utilities, transportation/warehousing, accommodation/food services and manufacturing. Only business support (including call centres) and wholesale/retail reported lower earnings compared to May 2023.
The increase in Nova Scotia's all items consumer price index was 3.1% from April 2023 to April 2024.
Average weekly earnings across all employees were $1,139.60 in May 2024. The highest average weekly earnings (both full and part time employees) were reported in utilities, forestry/fishing/mining, professional/technical services, and public administration. The lowest average weekly earnings were in accommodation/food services, business support services (including call centres) and wholesale/retail trade.
Average weekly earnings (unadjusted, both full time and part time, January-May 2024 vs January-May 2023)
Average weekly earnings increased 6.2% in the first five months of 2024 compared to the same period of 2023. The fastest gains in average weekly earnings were in manufacturing, utilities, professional/technical services, accommodation/food services and transportation/warehousing. Agriculture and business support (including call centres) registered the fastest declines in average weekly earnings in January-May 2024.
Average weekly earnings in the first five 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-May 2024.
Regions (May 2024 vs May 2023, unadjusted 3 month moving average)
Compared with May 2023, labour force and employment increases were concentrated in Halifax. Cape Breton reported faster growth in employment than labour force, resulting in lower unemployment compared to one year ago. The North Shore saw labour force fall faster than employment leading to lower unemployment. Annapolis Valley reported strong population growth and smaller growth in labour force and employment, leading to increases in unemployment and persons not in the labour force. Southern Nova Scotia reported declining employment and a growing labour force, resulting in higher unemployment.
Unemployment rates were up in Annapolis Valley, Southern Nova Scotia and Halifax while they declined in Cape Breton and the North Shore. Participation and employment rates were up in Halifax and Cape Breton and down for all other regions.
Regions (January-May 2024 vs January-May 2023, unadjusted 3 month moving average)
Compared with the first five months of 2023, all regions except Southern Nova Scotia reported higher labour force and higher employment. Labour force gains outpaced employment growth, resulting in higher unemployment in every region.
Provincial Comparisons (seasonally adjusted)
Canada's labour force was up 0.2% from April, faster than growth in Nova Scotia's labour force for the month. Seven provinces reported increases in labour force in May 2024, with the largest percentage increase in Manitoba. The largest decline in labour force was in Prince Edward Island.
Compared with May 2023, the national labour force was up 3.1%. Nova Scotia (+4.8%) reported the fastest increase while slowest growth was in Quebec.
Canada's employment rose 0.1% from April to May, with three provinces reporting higher employment. Seven provinces reported lower employment in May, led by Prince Edward Island. Compared with May 2023, Nova Scotia's employment was up 4.3%, faster than the national gain of 2.0% and the largest increase among provinces. The slowest growth was in Quebec over this period.
The national unemployment rate was 6.2% in May 2024, up from 5.3% in May 2023. Manitoba had the lowest unemployment rate while Newfoundland and Labrador reported the highest unemployment rate in May 2024.
The national participation rate was 65.4% in May 2024. The highest participation rate was in Alberta while the lowest was in Newfoundland and Labrador.
The national employment rate was 61.3% in May 2024. Alberta reported the highest employment rate while Newfoundland and Labrador reported the lowest.
Census Metropolitan Areas (May 2024, seasonally adjusted 3 month moving average)
The Halifax unemployment rate was 5.5% in the seasonally adjusted May 2024 three month moving average. Outside of Halifax the unemployment rate was 7.1%. 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 69.6% in the seasonally adjusted May 2024 three month moving average, while participation rates were 55.3% across the rest of the province.
Halifax reported an employment rate of 65.7% in the seasonally adjusted May 2024 three month moving average, while the employment rate was 51.4% 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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