Statistics Canada’s newest Labour Force Survey reports that Canadian employment rose by 91,000 (a 0.4 per cent gain) in December, while the unemployment rate fell by 0.1 per cent to 6.7 per cent.
The 91,000 increase was primarily in full-time work (56,000 – a 0.3 per cent gain) and follows a similar increase in November (51,000), marking the third employment gain during the past four months.
Statistics Canada also reported that 376,000 more people were working in December 2024 compared with January 2024 – a gain of nearly 2.0 per cent. This year-over-year growth was not only comparable to December 2023 (when the agency reported a 2.1 per cent year-over-year gain), but the average December growth rate during the pre-COVID-19 pandemic period between 2017 and 2019 (1.9 per cent).
Canada’s December 2024 job growth was driven by the public sector, which added 40,000 jobs (a 0.9 per cent gain), its second consecutive monthly increase. Canadian private sector employment was little changed, adding 27,000 jobs in December (a 0.2 per cent gain), though it was up 191,000 (a gain of 1.4 per cent) year-over-year.
The financial sector was a key contributor to December’s growth, with 16,000 new finance, insurance, real estate, rental and leasing jobs added to the Canadian economy, a gain of 1.1 per cent over November 2024.
Other industries that reported significant job gains in December 2024, according to Statistics Canada, include:
Educational services: 17,000 jobs added (1.1 per cent gain)
Transportation and warehousing: 17,000 jobs added (1.6 per cent gain)
Health care and social assistance: 16,000 jobs added (0.5 per cent gain)
Other industries saw contraction last month, notably the following:
Professional, scientific and technical services: 11,200 jobs lost (0.6 per cent loss)
Natural resources: 7,400 jobs lost (2.2 per cent loss)
Public administration: 2,700 jobs lost (0.2 per cent loss)