Question Period Note: LABOUR FORCE SURVEY RESULTS FOR AUGUST 2024

On September 6th, Statistics Canada released the Labour Force Survey results for August 2024. The latest results show that employment was little changed in August (+22,100 or +0.1%). The unemployment rate rose 0.2 percentage points to 6.6%.

· In the face of higher interest rates, Canada has avoided the recession that some had predicted. Despite the recent slowdown, the labour market remains solid. Over 1.3 million more Canadians are employed today than before the pandemic, marking the fastest jobs recovery in the G7.
· While key labour market indicators such as employment rate, unemployment rate and job vacancies have been shifting away from their record levels, our fundamentals are still strong. Supported by the new Canada-wide system of early learning and child care, more women are participating in the labour force than ever before.
· We will continue to monitor the situation closely and this government will continue to support Canadians, in particular groups that might face barriers to fully participate in the labour market.

· Every month, the Labour Force Survey (LFS) collects information on all individuals 15 and over in a sample of around 68,000 Canadian households to provide a timely and detailed picture of the labour market across the country.
· The next LFS data (September figures) will be released on October 11th, 2024.
· In August, the Canadian economy continued to show signs of cooling off and labour demand has been stable over the past recent months. The number of job vacancies has constantly declined over the past year and the degree of labour market tightness has progressively weakened, returning to similar levels of tightness seen prior to the pandemic.

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