| Statistics Canada released September employment data today, showing a marked uptick in job growth and the first decline in the unemployment rate this year. Employment rose by 46,700 in September, following four months of little change.
Despite the employment gain, the employment rate—the proportion of the population aged 15 and older who is employed—fell 0.1 percentage points to 60.7% in September. The employment rate has been on a downward trend since reaching a recent peak of 62.4% in January and February 2023, as growth in the population aged 15 and older in the Labour Force Survey (LFS) outpaced employment growth.
Also, good news: The number of private sector employees increased for the second consecutive month, rising by 61,000 (+0.5%) in September and bringing the year-over-year increase in private sector employment to 193,000 (+1.5%). Public sector employment fell by 24,000 (-0.5%) in September but was up 3.0% (+128,000) compared with 12 months earlier. Self-employment changed little in the month and on a year-over-year basis.
Full-time employment rose by 112,000 (+0.7%) in September, the most significant gain since May 2022. The increase was partially offset by a decline in part-time work (-65,000; -1.7 %). |
