Is the job market in Quebec the same as in the rest of Canada?
Posted at 31/08/2018
Quebec is often considered a distinct society within the larger territory of Canada. From an economic point of view, and more particularly in terms of employment, the "belle province" seems to be in a similar situation to other Canadian provinces.
In order to compare Quebec's job market with that of the rest of Canada, there's nothing like analyzing the evolution of unemployment rates over the past year.
The job market in Quebec
In Quebec, the job market is in a very positive state of affairs, at least for those who are looking for a job. The province ended 2017 with an unemployment rate of 4.9%, down 1.6 points from a year earlier. This is a historic low, a number never reached since the unemployment data began to be compiled by Statistics Canada in 1976.
This significant drop in the number of unemployed is evidently related to the creation of a significant number of jobs, mainly full-time positions. In total, no less than 86,700 jobs were added in 2017. Impressively, more than 26,000 jobs were created in December alone.
The number of unemployed people is so low that many employers are struggling to recruit new employees. In fact, it is even possible to say that Quebec is facing a growing labour crisis, amplified by the aging of the population leaving the labour market.
The rest of Canada's employment situation
Regarding the labour market situation for Canada as a whole, it is also favourable for candidates in search of work. The unemployment rate hit a 40-year low in December 2017, according to a Labour Force Survey published by Statistics Canada in early January 2018.
Of course, Canadian provinces have experienced different declines in the unemployment rate, with geographic realities and main sectors of activity being different for each province. Documentation published by Global News shows the changes in the unemployment rate for each province during the year 2017:
- British Columbia: -1.2% to 4.6%
- Alberta: -1.6% to 6.9%
- Saskatchewan: -0.2% to 6.4%
- Manitoba: -0.6% to 5.7%
- Ontario: -0.9% to 5.5%
- New Brunswick: -1.5% to reach 7.8%
- Nova Scotia: -0.3% to reach 8%
- Prince Edward Island: -0.7% to 9.8%
- Newfoundland and Labrador: -0.4% to 14.7%
Labour market boosted by weaker Canadian dollar
Most experts agree that this general decline in unemployment rates may be associated with a decline in the value of the Canadian dollar relative to other currencies. In fact, the economic situation allows businesses in Quebec and other provinces to benefit from additional orders from abroad. This increase in sales forces companies to invest in their infrastructure and recruit new talent.
In light of all this data, we can affirm that the Quebec job market is performing very well, as is the case in Canada as a whole, while the unemployment rate is at its lowest in 40 years.
However, in this context, the recruitment of new employees can be complicated by scarcity. To help you develop effective hiring strategies, you can count on Fed Finance's expertise.