The Quebec City CMA kicked of the autumn on a very positive note, creating 3,100 jobs in October compared with September, for a total of 445,100 jobs. At the same time, the local labour market has posted five consecutive monthly increases, making it the top performer among Canada's Top 8 CMAs. The region is also noteworthy for its unemployment rate of 4.7%, unchanged in the past three months and the lowest in Canada since April 2016.
The services sector continues to drive employment growth in the region. In October, it helped to offset the slack periods seen in the manufacturing and construction sectors. According to our recent update on non-residential projects, construction hiring could gradually gain speed in the coming months. Last month's results show that 25-to-54 year-old workers are still in high demand, with an unemployment rate of only 3.4% (non-seasonally adjusted). In addition, with an employment rate of 90.2% in that age group, Quebec City ranked first in Canada for the seventh month in a row.
Quebec City's employment market remains favourable and October's performance provides a solid start to the fourth quarter. However, the low unemployment rate reminds us that the pool of available workers is very limited, hence the regional need to pursue foreign recruitment efforts in the coming months.