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August 09, 2024LABOUR MARKET TRENDS, JULY 2024 July labour force survey results reflect the period from July 14 to 20, 2024.
Ages 15+ (July 2024 vs June 2024, seasonally adjusted)
Nova Scotia's seasonally adjusted employment declined by 4,800 (-0.9%) to 508,100 in July following a decline of 1,700 (-0.3%) to 512,900 in the previous month.
The change in employment was attributable to a decrease in part-time employment (-4,900) partially offset by a small increase in full-time employment (+100). Note that changes in full-time and part-time employment can also reflect changing hours for the same job.
Nova Scotia’s labour force declined by 2,900 (-0.5%) to 546,100 in July 2024.
With employment falling faster than labour force, Nova Scotia's unemployment rate rose 0.4 percentage points to 7.0% in July 2024.
Nova Scotia's labour force participation rate declined 0.5 percentage points to 61.2% and the employment rate was down 0.7 percentage points to 57.0% in July 2024.
Ages 15+ (July 2024 vs July 2023, seasonally adjusted)
Compared with July 2023, Nova Scotia's population over the age of 15 increased by 26,600 (+3.1%), while the labour force grew by 8,400 (+1.6%), and employment increased by 12,000 (+2.4%). The unemployment rate declined by 0.7 percentage points while the participation rate declined by 0.9 percentage points and the employment rate declined by 0.3 percentage points.
Ages 15+ (January-July 2024 vs January-July 2023, seasonally adjusted)
Compared with January-July 2023, Nova Scotia's population over the age of 15 increased by 26,800 (+3.1%), while the labour force grew by 20,500 (+3.9%), and employment increased by 17,700 (+3.6%). The unemployment rate was up 0.3 percentage points with the participation rate up 0.5 percentage points and the employment rate up 0.3 percentage points.
Note: Year-to-date estimates are calculated as averages of monthly data and rounded to the nearest tenth. Year-to-date changes in the table are also rounded to the nearest tenth.
Age Cohorts (July 2024 vs June 2024, seasonally adjusted)
Among youth (ages 15-24), employment declined by 1,700 (-2.4%) while the labour force rose by 500 (+0.6%). With a decline in employment and higher labour force, the youth unemployment rate rose 2.7 percentage points to 15.4% in July. The youth participation rate was unchanged at 64.8% while the youth employment rate was down 1.7 percentage points to 54.9%.
The population aged 25-54 makes up the largest part of the labour force. In the core age group, employment was up 1,500 (+0.5%) while the labour force declined 600 (-0.2%). With employment rising and labour force declining, the core aged unemployment rate declined 0.7 percentage points to 5.1% in July 2024. The core aged participation rate declined 0.4 percentage points to 87.1% and the core aged employment rate edged up 0.1 percentage point to 82.6%.
Older workers (aged 55+) reported the labour force declined by 2,800 (-2.2%) while employment declined by 4,600 (-3.8%). With employment falling faster than the labour force, the older worker unemployment rate rose 1.5 percentage points to 6.5%. The older worker participation rate declined 0.8 percentage points to 33.0% and the employment rate for older workers declined 1.3 percentage points to 30.9%.
Males and Females (Ages 15+, July 2024 vs June 2024, seasonally adjusted)
Monthly employment declined 4,600 (-1.8%) for males while the labour force declined by 600 (-0.2%). With a smaller decline in labour force than employment, the male unemployment rate rose 1.4 percentage points to 8.2% in July. The male participation rate declined 0.4 percentage points to 64.0% and the male employment rate declined 1.2 percentage points to 58.8%.
Females reported a decline in employment of 200 (-0.1%) while the labour force declined by 2,300 (-0.8%). With labour force declining faster than employment, the female unemployment rate declined 0.7 percentage points to 5.7% in July. The female participation rate declined 0.6 percentage points to 58.6% and the female employment rate declined 0.2 percentage points to 55.2%.
July's decline in employment was primarily due to declines among youth and older workers, partially offset by increases for core-aged workers. Labour force decline was concentrated among older workers with a smaller decline for core aged workers. Males saw a large drop in employment compared to females, while females saw a larger drop in the labour force. The increase in unemployment in July was due to increased unemployment among males.
Age and sex cohorts (July 2024 vs July 2023, seasonally adjusted)
Compared with July 2023, employment growth was highest among core aged workers (whose population has also grown the most over this period). The next highest employment gains were among older workers (55+). These two age cohorts had increases in employment that outpaced labour force gains on a year-over-year basis. The youth cohort saw population and labour force growth with smaller employment growth. Female employment has increased more than for males when compared to July 2023. Females saw a year-over-year decline in unemployment compared to males.
Age and sex cohorts (January-July 2024 vs January-July 2023, seasonally adjusted)
Compared with January-July 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. Core-aged workers had a notable increase in unemployment compared to youth and older workers as labour force growth outpaced employment growth. Population, labour force, and employment have increased more for males than females compared to January-June 2023. Females have seen a higher increase in unemployment compared to males for the first seven months of the year.
Class of Worker and Industry (July 2024 vs June 2024, seasonally adjusted)
The July 2024 employment change primarily reflected a decline in private sector employment (-3,400, -1.0%) with a smaller decline in public sector (-1,400, -1.0%). Self employment was unchanged in July 2024. .
Classified by industry, the largest employment growth from June to July was in professional/technical services (nearly offsetting the previous month's decline). The largest decline was in education, followed by wholesale/retail, transportation/warehousing and accommodation/food.
Class of Worker and Industry (July 2024 vs July 2023, seasonally adjusted)
Compared to July 2023, there were gains in employment for private sector workers (+3,200 or +1.0%) and public sector workers (+16,000 or +13.4%), and a decline in self-employed (-7,200 or -12.3%).
Over the last 12 months, employment was up the most for public administration, construction, accommodation/food and health/social. The largest declines were in manufacturing, transportation/warehousing, and wholesale/retail.
Class of Worker and Industry (January-July 2024 vs January-July 2023, seasonally adjusted)
Compared to January-July 2023, gains were strongest for public sector workers (+12,400 or +10.4%) followed by private sector workers (+11,300 or +3.5%). The number of self employed declined (-5,900 or -10.2%) in January-July 2024.
Gains in employment was strongest in education while the largest declines were in professional/technical services and agriculture in the first seven months of 2024.
Hours worked and employment (July 2024, unadjusted)
Compared to the provincial average, a larger share of workers in forestry/fishing/mining, construction, agriculture, business/support, manufacturing, transportation/warehousing, and professional/technical worked more than 40 hours per week in July 2024.
Note that some data on those working few hours in utilities, forestry/fishing/mining and agriculture were suppressed.
Average weekly earnings (unadjusted, both full time and part time, July 2024 vs July 2023)
Average weekly earnings increased by 7.6% from July 2023 to July 2024. The fastest gains in average weekly earnings were in utilities and business/support. Only forestry/fishing/mining and information/culture/recreation reported lower earnings compared to July 2023.
The increase in Nova Scotia's all items consumer price index was 3.5% from June 2023 to June 2024.
Average weekly earnings across all employees were $1,158.65 in July 2024. The highest average weekly earnings (both full and part time employees) were reported in utilities, public administration, professional/technical, and forestry/fishing/mining. The lowest average weekly earnings were in accommodation/food services, wholesale/retail trade and agriculture.
Average weekly earnings (unadjusted, both full time and part time, January-July 2024 vs January-July 2023)
Average weekly earnings increased 6.7% in the first seven months of 2024 compared to the same period of 2023. The fastest gains in average weekly earnings were in utilities, manufacturing, professional/technical services, and transportation/warehousing. Business support (including call centres) and agriculture registered the fastest declines in average weekly earnings in January-July 2024.
Average weekly earnings in the first seven months of 2024 were highest in utilities, professional/technical services, public administration and forestry/fishing/mining. The lowest average weekly earnings were in accommodation/food services, wholesale/retail trade and business support services (including call centres) in January-July 2024.
Regions (July 2024 vs July 2023, unadjusted 3 month moving average)
Compared with July 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 and employment drop together. North Shore had notable growth in persons not in the labour force. Annapolis Valley reported growth in labour force and a decline in employment, leading to increases in unemployment and persons not in the labour force. Southern Nova Scotia reported declining employment and labour force, resulting in higher unemployment and persons not in the labour force.
Unemployment rates were up in Annapolis Valley and Southern Nova Scotia while they declined in Cape Breton, North Shore and Halifax regions. Participation and employment rates were up in Halifax and Cape Breton and down for all other regions.
Regions (January-July 2024 vs January-July 2023, unadjusted 3 month moving average)
Compared with the first seven months of 2023, all regions except Southern Nova Scotia reported higher labour force and higher employment. Labour force gains outpaced employment growth for Cape Breton, Halifax and Annapolis Valley regions, resulting in higher unemployment. North Shore reported roughly equal growth in labour force and employment.
Provincial Comparisons (seasonally adjusted)
Canada's labour force was down 0.1% from June with five provinces reporting declines in labour force in July 2024, with the largest percentage declines in Nova Scotia and New Brunswick. The largest increase in labour force was in Saskatchewan.
Compared with July 2023, the national labour force was up 2.7%. Prince Edward Island reported the fastest increase while slowest growth was in Québec (followed by Nova Scotia).
Canada's employment was virtually unchanged from June to July (-2,800). Two provinces reported higher employment in July, led by Saskatchewan. Compared with July 2023, Nova Scotia's employment was up 2.4%, faster than the national gain of 1.7%. The fastest year-over-year gain was in Saskatchewan and the slowest growth was in Québec over this period.
The national unemployment rate was 6.4% in July 2024, up from 5.5% in July 2023. Saskatchewan had the lowest unemployment rate while Newfoundland and Labrador reported the highest unemployment rate in July 2024.
The national participation rate was 65.0% in July 2024. The highest participation rate was in Alberta while the lowest was in Newfoundland and Labrador.
The national employment rate was 60.9% in July 2024. Saskatchewan reported the highest employment rate while Newfoundland and Labrador reported the lowest.
Census Metropolitan Areas (July 2024, seasonally adjusted 3 month moving average)
The Halifax unemployment rate was 5.8% in the seasonally adjusted July 2024 three month moving average. Outside of Halifax the unemployment rate was 7.6%. 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 July 2024 three month moving average, while participation rates were 54.8% across the rest of the province.
Halifax reported an employment rate of 65.0% in the seasonally adjusted July 2024 three month moving average, while the employment rate was 50.6% 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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