September 2024 Labour Market Overview

In September 2024, payroll employment in Canada decreased by 57,400 positions, marking a 0.3% decline from the previous month. This follows a period of little change in August and an increase of 39,500 jobs in July. On a year-over-year basis, payroll employment rose by 94,900 jobs, or 0.5%.

Job vacancies in September increased to 528,200, following a stable period in August and a series of declines from May to July. Compared to the same month last year, job vacancies were down by 116,400, representing an 18.1% decrease. The job vacancy rate, which measures the number of vacant positions as a percentage of total labour demand, was 3.0% in September, up from 2.9% in August.

Average weekly earnings in Canada rose by 0.5% in September to $1,280, following a 0.7% increase in August. Year-over-year, average weekly earnings increased by 5.2% in September. The average weekly hours worked remained relatively unchanged at 33.5 hours both month-over-month and year-over-year.

The unemployment-to-job vacancy ratio was 2.7 in September, a slight decrease from 2.8 in August, reflecting a reduction in the number of unemployed individuals by 30,800.

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