Canada's unemployment rate has stopped rising
It remains the same in December 2023.
Statistics Canada reports in its regular report that the total number of jobs was little changed in December. The economy added a total of 100 jobs in the last month of the year. The unemployment rate also remained stable at 5.8%.
The halt in the unemployment rate followed increases in 5 of the previous 7 months: it rose 0.8% from April through November. As a result, the number of unemployed people in Canada totaled 1.2 million in December, up 202,000 (plus 19.3%) from 12 months earlier.
The number of full-time jobs fell noticeably, by 23,500, but the number of part-time vacancies rose by about the same amount (23,600). Importantly, hourly wages rose sharply by 5.4% — up only 4.8% in November.
The year-end results suggest that job growth slowed in the second half of 2023-an average of 23,000 new job openings per month, compared to an average of 48,000 per month in the first half of the year.
By industry
Employment in professional, scientific, and technical services increased by 46,000 (plus 2.4%) in December after little change in the previous three months. This is the industry's second monthly jump in 2023, the first being a gain of 52,000 in August. On a year-over-year basis, employment in this sector rose by 78,000 (plus 4.2%) by the end of December.
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