Released on August 9, 2024
Statistics Canada Shows Historic Job Growth and Lowest Unemployment Rate in Canada
Statistics Canada's latest labour force numbers show that Saskatchewan added 22,900 new jobs year-over-year in the month of July, ranking second among provinces in terms of percentage change at 3.9 per cent. This is the largest number of jobs added year-over-year since July 2022. Saskatchewan has the lowest unemployment rate, seasonally adjusted, among provinces at 5.4 per cent, well below the national average of 6.4 per cent.
"Saskatchewan's lowest in the nation unemployment rate and record job growth continues to demonstrate the strength of our provincial economy " Immigration and Career Training Minister Jeremy Harrison said. "Our government will continue working alongside our job creators and making targeted investments to ensure we are filling the thousands of jobs being created across the province."
The province led the nation in month-to-month labour force growth, with seasonally adjusted employment increasing by 6,700 from June 2024, ranking first among provinces in terms of percentage change at 1.1 per cent. Saskatchewan was the only western province to see employment growth with only one other province in the country adding jobs.
July 2024 saw all-time historical highs (aged 15 and over), with:
- Saskatchewan's labour force reaching 652,800;
- Saskatchewan's full-time employment reaching 514,700;
- Saskatchewan's male employment reaching 335,500;
- And the Off-reserve Indigenous population reaching 113,900.
Off-reserve Indigenous employment was up 2,400, an increase of 3.7 per cent and Indigenous youth employment was up 500, an increase of 4.3 per cent compared to July 2023.
Year-over-year, full-time employment increased by 16,600, an increase of 3.3 per cent, and part-time employment increased by 6,300, an increase of 6.7 per cent. Female employment is up 10,200, an increase of 3.8 per cent, and male employment up 12,600, an increase of 3.9 per cent.
"These remarkable job numbers translate into opportunity and prosperity for people here in Saskatchewan and a bright future for our young people," said Harrison. "As government we have worked very hard with our job creators and entrepreneurs to create the conditions for economic growth and success. And it's worked. The population has grown by nearly 250,000 people since 2007 and 100,000 new jobs have been created. People can build their lives, their businesses, and raise their families right here in Saskatchewan with confidence about their future."
Saskatchewan's two biggest cities also saw major year-over-year growth. Compared to July 2023, Regina's employment was up 2,700, an increase of 1.8 per cent, and Saskatoon's employment was up 7,900, an increase of 3.9 per cent.
Major year-over-year gains were reported in wholesale and retail trade, up 7,200, an increase of 7.5 per cent; educational services, up 5,200, an increase of 13.3 per cent; and healthcare and social assistance, up 3,900, an increase of 4.2 per cent.
Saskatchewan's economy continues to see growth across several other categories. The province's retail trade sales value and building construction investment for May 2024 (seasonally adjusted) increased by 6.1 per cent and 12.9 per cent, respectively, when compared to May 2023. Saskatchewan currently has the lowest rate of inflation according to the June 2024 Consumer Price Index release, at 1.4 per cent.
The strong labour force numbers are supported by the province's recently released Building the Workforce for a Growing Economy: The Saskatchewan Labour Market Strategy, which outlines how the province will ensure Saskatchewan people benefit from the jobs our economy is creating, and that Saskatchewan employers have access to the workforce needed to succeed.
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