Your Business News
Canada’s October jobs report: Cooling manufacturing labor market
November 3, 2023
Authored by RSM Canada LLP
Marc Boivin CPA, CA, CBV shared this article
REAL ECONOMY BLOG | November 03, 2023
Canada’s jobs report for October shows a continued slowdown in the manufacturing sector consistent with S&P Global’s purchasing managers’ index, indicating that the manufacturing sector has been in a contraction territory since April this year.
Canada’s manufacturing sector lost 19,000 jobs in October, according to Statistics Canada data released Friday. That loss follows 9,000 net additions in September and 30,000 job losses in August.
The manufacturing unemployment rate declined to 3.9% from 4.3% in September. The decline was mainly associated with lower labor force participation on a month-over-month basis, though high levels of immigration are driving overall population growth and labor force participation in the manufacturing sector compared to last year.
Open job positions have gradually decreased to 49,600, down from the peak of 92,100 openings in the spring of last year. On the other side, the number of unemployed workers in the manufacturing sector has increased to 73,700 from a low of 47,100 at the beginning of the year.
Manufacturing wages continued to grow at 5% year-over-year, delivering positive real wages every month this year since February with decelerating headline inflation. However, the broader economic slowdown with fewer job vacancies and growing labor participation suggests that the momentum in wage growth may begin to wane.
Let's Talk!
Call us at 1 855 363 3526 or fill out the form below and we'll contact you to discuss your specific situation.
This article was written by Irina Im and originally appeared on 2023-11-03 RSM Canada, and is available online at https://realeconomy.rsmus.com/canadas-october-jobs-report-cooling-manufacturing-labor-market/.
RSM Canada Alliance provides its members with access to resources of RSM Canada Operations ULC, RSM Canada LLP and certain of their affiliates (“RSM Canada”). RSM Canada Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each are separate and independent from RSM Canada. RSM Canada LLP is the Canadian member firm of RSM International, a global network of independent audit, tax and consulting firms. Members of RSM Canada Alliance have access to RSM International resources through RSM Canada but are not member firms of RSM International. Visit rsmcanada.com/aboutus for more information regarding RSM Canada and RSM International. The RSM trademark is used under license by RSM Canada. RSM Canada Alliance products and services are proprietary to RSM Canada.
FCR a proud member of RSM Canada Alliance, a premier affiliation of independent accounting and consulting firms across North America. RSM Canada Alliance provides our firm with access to resources of RSM, the leading provider of audit, tax and consulting services focused on the middle market. RSM Canada LLP is a licensed CPA firm and the Canadian member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.
Our membership in RSM Canada Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise, and technical resources.
For more information on how FCR can assist you, please call us at 1 855 363 3526
