February 2024 Canada Talent Market Monthly

Canada's unemployment rate drops for first time since 2022

Following three months of little change, the Canadian labour market increased by 37K jobs in January. The employment rate fell 0.1 percentage points to 61.6%, as population growth (+0.4%) outpaced employment growth (+0.2%).

The unemployment rate fell 0.1 percentage points to 5.7% ‒ the first decline since December 2022. The rate had been trending upward for most of 2023 – from 5.1% in April to 5.8% in December.

Check out the latest edition of the Canada Talent Market Monthly for details.