Employment remains steady in October, yet more Canadians face challenges in meeting financial needs
Statistics Canada's October report reveals steady employment numbers with minimal changes.
Employment rose by 15,000 or 0.1 percent, maintaining the unemployment rate at 6.5 percent. The employment rate decreased by 0.1 percentage points to 60.6 percent, marking the sixth consecutive monthly decline. Over the past year, employment increased by 303,000 or 1.5 percent.
Youth employment grew by 33,000 or 1.2 percent in October, largely due to gains among male youth (+25,000 or 1.8 percent). This group’s employment rate increased to 54.4 percent, although it fell by 2.7 percentage points on a year-over-year basis.
For core-aged men and women (ages 25 to 54), employment remained stable, but the rates have gradually declined due to population growth. Employment decreased among women aged 55 and older by 15,000 or 0.8 percent.
Employment in business, building, and other support services rose by 29,000 or 4.2 percent, the first significant increase since May.
Conversely, employment in finance, insurance, real estate, rental, and leasing fell by 13,000 or 0.9 percent, despite year-over-year gains. Public administration also saw a decline, losing 8,700 jobs, or 0.7 percent, in October.
Employment grew in Alberta (+13,000 or 0.5 percent) and New Brunswick (+3,300 or 0.8 percent), while Prince Edward Island experienced a decline of 1,100 jobs or 1.2 percent.
The unemployment rate rose by 2.9 percentage points to 10 percent in Prince Edward Island due to increased job search activity.
The unemployment rate remained at 6.5 percent in October. Among youth, the rate fell to 12.8 percent, following a decline in September, though the rate for young men rose to 14.3 percent.
Core-aged women's unemployment rate saw a slight increase, reaching 5.5 percent, while core-aged men's unemployment rate stayed at 5.7 percent. For individuals 55 and older, the rate remained steady at 4.9 percent.
The labour force participation rate declined by 0.1 percentage points to 64.8 percent, the fourth drop since May, marking the lowest rate since December 1997.
This trend reflects a long-term decline, primarily due to population aging. Youth participation remained relatively stable at 62.3 percent, although the rate fell notably for students.
Among core-aged men, participation decreased slightly to 91.4 percent, while core-aged women’s rate was 84.9 percent, remaining above pre-pandemic averages.
In October, 28.8 percent of Canadians aged 15 and older lived in households struggling to meet financial needs, a decrease from 2023’s 33.1 percent.
Quebec residents reported the lowest level of financial strain (22.3 percent), while Ontario and Alberta had rates above the national average.
Financial difficulty was more common among renters (39.2 percent) than homeowners (24.3 percent), and recent immigrants were particularly affected, with over 40 percent facing financial challenges.
Job satisfaction remains a critical metric within Canada’s Quality of Life framework. In October, 61.3 percent of employed Canadians reported being very satisfied with their jobs, down slightly from 62.2 percent the previous year.
Youth were the least satisfied, while workers aged 55 to 69 were the most content. Self-employed workers reported the highest satisfaction at 70 percent.
Those in agriculture were also highly satisfied, with 71.8 percent expressing contentment. In contrast, workers in accommodation, food services, and retail trade reported lower satisfaction levels.
