Regional Labour Market Report Card
July 08, 2022 | 11:08
Canadian employment rose 11,900 in 2022Q2 (March-to-June), a cooler overall pace weighed down by a decline in June. The bigger picture is a still very-tight job market, with the unemployment rate falling below 5% in June for the first time since 1970. Regionally, labour market pressure is evident from coast to coast, with all provinces dealing with labour shortages and falling jobless rates.
All provinces saw job growth in Q2, with the exception of Quebec, where employment slid by 48k. Employment in that province was still up a sturdy 1.6% from a year ago as of June, though that lags 4.2% for all of Canada amd some big prints elsewhere.
Notably, jobless rates are down sharply everywhere, pulling the national rate down 2.7 ppts in the past year. Alberta's jobeless rate (4.9% in June) now matches the national average for the first time since December 2015. Saskatchewan and Manitoba now sport three-handles, while some parts of Atlantic Canada (see PEI) have seen their rates plunge sharply.
Annual wage growth has accelerated in 9 of 10 provinces so far this year.
At the city level, performance is mixed across the country and among smaller and larger centres. St. Catharines, Guelph, and Oshawa continue to highlight strength further outside the core of Toronto (partly reflecting the pandemic shift out by households). Calgary and Edmonton have also moved steadily up the ranking alongside strength in Alberta's economy.