Economic News
Quebec City region adds 5,800 jobs year-over-year as the unemployment rate drops to 4.5%
Highlights
- The Quebec City census metropolitan area (CMA) had a total of 430,800 jobs in November, factoring in a slight drop of 200 workers compared with October. The region, however, has 5,800 more jobs than it did in November 2010.
- The unemployment rate dropped from 4.6% in October to 4.5% in November thanks to the fact that the drop in the workforce (-0.2%) outweighed the drop in the number of jobs (-0.05%). Quebec City had one of the lowest unemployment rates in Canada, just behind Regina (3.5%).
- For the province of Quebec, the number of jobs dropped for the second month in a row, with a net loss of 30,500 compared with October. The unemployment rate rose slightly by 0.3% to 8%.
Commentary
The job market seems steadier this fall than it was in the summer. This trend has also been observed across Canada. The region had a total of 430,800 jobs in November, down slightly compared with October (-200). However, the year-over-year record is positive, with a gain of 5,800 jobs since November 2010. In addition, the demand for workers is still quite high, as evidenced by the low unemployment rate in November (4.5%).
As we mentioned in September, a number of companies are still dealing with the effects of the longer-than-expected global economic recovery and with the uncertainties associated with the implementation of stimulus plans by our main trading partners.
However, it should be noted that the job market remains favourable in Quebec City, not least because of regional economic diversification. The low unemployment rate serves as a reminder that the region is facing a labour shortage in certain specialized fields, which could end up maintaining the demand for workers. In addition, Quebec International has provided assistance to 39 regional companies this year in connection with three international recruitment missions aimed at filling these specialized positions.
Louis Gagnon
Senior Economist
Quebec International
