Canada’s Job Market Still Sluggish, But Job Satisfaction Is Relatively High

The broader market shows signs of strain as population growth continues to outpace employment gains. With many economists hinting that a further cut to interest rates of 50 basis points is imminent in December, according to the Globe and Mail. This decrease would spell good news for Canada’s labour market in 2025, since lower interest rates stimulates business and consumer spending, and tends to result in increased employment.

You can read the Statistics Canada release with the October data here.

Key Takeaways

• Canada’s Labour Force Survey for October 2024 reports a slight improvement in employment, rising by 15,000 positions. 
• The unemployment rate stayed the same — at 6.5% in October 2024. 
• However, the overall participation rate fell to 64.8%, the lowest rate since December 1997 (excluding figures from during the pandemic).
• Immigrants to Canada are more likely to report being stressed about finances. 

First, the good news: 

Canada’s Workforce is Largely Satisfied

In October, over 6 in 10 Canadian workers (61.3%) reported being very satisfied with their jobs, rating their job satisfaction as 8 out of 10 or higher. Older workers (55-69 years) were the most likely to be satisfied, with a job satisfaction rate of 68.1%, while youth satisfaction lagged behind at 55.3%. Self-employed workers also reported higher job satisfaction (70.0%) compared to those in the private and public sectors, indicating positive alignment between certain job characteristics and overall satisfaction.

Employment Holds Steady

Canada’s Labour Force Survey for October 2024 reports a slight increase in employment, with 15,000 new positions added (+0.1%). However, the overall employment rate decreased slightly to 60.6%, marking the sixth consecutive month of decline. The unemployment rate remained unchanged at 6.5%, reflecting a labor market balancing growth with a rapid population increase.

Industry-Specific Growth Opportunities

Instead of focusing on the industry-specific growth from September to October, we took a look at the industry growth year-over-year (October 2023 to October 2024) and found that employment had grown across most industries over the year, including natural resources, construction, manufacturing, services-producing sector, transportation, finance, insurance, real estate, rental and leasing, building and other support services, educational services, healthcare and social assistance, culture and recreation, accommodation and food services, and public administration.

Regional Employment Insights

The unemployment rate and job growth varies within Canada, from town-to-town and between provinces and territories. For instance, Saskatchewan has posted lower-than-national-average unemployment rates throughout this year and jobs growth throughout 2024. 

If we look only at the data for October, Alberta added 13,000 jobs (+0.5%), and New Brunswick saw gains of 3,300 jobs (+0.8%). Prince Edward Island, however, experienced a decline of 1,100 positions (-1.2%), with its unemployment rate rising to 10.0%. 

Wage Growth Trend Continues

Average hourly wages grew by 4.9% year-over-year in October, a steady rise that underscores ongoing demand for skilled labor. Additionally, total hours worked increased by 0.3% month-over-month, and 1.6% compared to the previous year. This wage growth, alongside a stable unemployment rate, indicates moderate labor demand even as employers proceed cautiously.

Challenges Remain for Newcomers 

Despite positive job satisfaction and employment stability, newcomers continue to face unique challenges. Recent immigrants report higher rates of underemployment and may feel overqualified in their roles. Financial strain remains significant, with nearly 4 in 10 newcomers in October reporting difficulties meeting essential expenses.

To help, here are some new expert resources researched and published by the Moving2Canada team:

• Tips to help you succeed on LinkedIn — Optimize your profile, grow your network, and land your dream job In Canada.
• How salary negotiation in Canada works — Key insights and advice for after you’ve been invited to interview for a role.

Of course, to be invited to interview you’ll need a strong, Canada-style resume, and usually an accompanying cover letter. We’ve helped tens of thousands improve their job search with the templates that come with a free Moving2Canada. If you haven’t created your account yet, now is the time to jump on board. Create your Moving2Canada account here.

Expert resources to help immigrants get jobs in Canada

Canada’s job market provides a wealth of opportunity for newcomers, but it is only that — an opportunity.

To take full advantage, recent and prospective immigrants can leverage free government-funded resources and programs. We recently partnered with Canada InfoNet, a government-funded pre-arrival employment support program, to bring you two expert guides on transitioning to a career in Canada:

• Transitioning to the Canadian job market
• How to find a career mentor in Canada

The outlook on Canadian construction and infrastructure

Ruairi Spillaine, Outpost Recruitment and Moving2Canada founder, analyzes what’s happening in the construction sector in Canada.

“Another interest rate drop from the Bank of Canada gives hope for a flagging Canadian economy. It seems apparent that the Canadian economy is set for a squeeze after a long period of aggressive interest rate hikes, which had been required to combat runaway inflation. Timing when to encourage borrowing again is a tricky art so it feels like a soft landing is somewhat uncertain when you look at the overall economy. Concerns around the health of the US economy over the past week will make the Canadian economy nervous given their close ties.

Thankfully the construction sector is continuing to boom but primarily due to public expenditure given private investment has been choked by higher interest rates.“

 

If you are interested in working in Canada’s construction sector, Outpost helps motivated candidates find suitable jobs in Canada.

The agency works with general contractors, subcontractors, developers, and consultants who are hiring across senior management, operations, project management, site, design, quality, and commercial personnel.

Outpost Recruitment is actively looking for candidates for projects across Canada. View the latest job postings here.

How to take advantage in Canada’s job market

The Moving2Canada team has a special feature for people who want to get a job in Canada or accelerate their career here. Readers can now opt in to hear from recruiters and employers we partner with and upload a resume to their account, all for free.

• If you already have a Moving2Canada account, sign in here and complete or update your profile to hear about job opportunities.
• If you don’t already have a Moving2Canada account, please register here and complete your profile.

We’re excited to help more newcomers and people wishing to move to Canada in their career goals.

How to get a job in Canada

If you’re looking for a job in Canada here are some steps you can take to land that sweet, sweet Canadian job offer.

• Get your resume in good shape. This crucial step is often left down the list of job seekers’ priorities, despite being arguably the most important step of all. Read our Canadian resume guide to get going.
• Start looking at open opportunities. Some companies are still hiring. Don’t believe us? Head over to our Jobs Board, populated daily with new positions across Canada.
• Build your network. You can assemble a team to help you in your job search. With ongoing physical distancing and travel restrictions, technology is your friend here. Read our networking guide, written by award-winning entrepreneur Ruairi Spillane, for expert advice.

Here’s a popular webinar from recruitment expert and Moving2Canada founder, Ruairi Spillane, about how to create the best resume for the Canadian jobs market:

New and improved Jobs Board

We have worked hard over recent weeks to ramp up the number and range of job postings on our Jobs Board.

We also have a number of other resources for helping you find your career in Canada. You’ll find broad-stroke information that will arm you with the knowledge you need to succeed, as well as industry-specific insights into finding jobs by industry, such as teaching.

Don’t forget to complete or update your Moving2Canada profile to hear about job opportunities in your industry in Canada!

Want to dig deeper into the Canada Jobs Report data? Try these interactive tools, courtesy of StatsCan.