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Québec City CMA records unemployment rate of 3.8% in August

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Highlights

  • The unemployment rate reached a record threshold of 3.8% in August in the Québec City CMA, placing it at the first rank in Canada.
  • The drop in the unemployment rate can be explained by a raise of 0.2% in the number of jobs, while the working population remained unchanged compared to July.
  • In August, the area counted 437,400 jobs, 1,000 more than the previous month.
  • Overall, the province of Quebec recorded a drop of 6,000 jobs on a monthly basis in August. As for the unemployment rate, it reached 6.1%, compared to 5.8% in July.

Commentary

The Québec City CMA is in the spotlight due to its low unemployment rate in August. It recorded a historical threshold of 3.8%, reclaiming the first position amongst the Canadian metropolitan areas. The Québec City area also gained 1,000 new jobs, reaching a total of 437,400 jobs. This puts an end to a series of five consecutive months of decline.

The manufacturing and construction sectors keep increasing their pool of workers. These have compensated for the setback that occurred after a slow period that had extended until last April. As for the services sector, it remains in advance compared to last year, but some of its components must keep adjusting to the scarcity of available, qualified workers. The evolution of the working population remains an important issue in assuring the availability of potential candidates for the Québec CMA, and data concerning workers aged 25 to 54 remind us just that. These more experienced workers occupied 67% of jobs in the area in August. Moreover, the unemployment rate of that age group was at 3.1%, and the employment rate was at 90.1% (non-deseasonalized data), representing the best performance in Canada.

The low unemployment rate in Québec City shows again that companies are increasing their job offers to assure their growth. It also shows that the efforts put towards getting the diversity of available jobs known must be maintained in order to attract new workers and support the economic growth in the Québec City area.

Louis Gagnon
Senior Economist
Québec International

 
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LouisGagnonSenior Economist

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