Labour Force Survey Monthly

Labour Force Survey, June 2024

released July 5, 2024

Prince Edward Island Employment

Unemployment Rate By Province (seasonally adjusted, in percentage)

Month Can NL PE NS NB QC ON MB SK AB   BC
June 2024 6.4 9.2 8.0 6.6 7.7 5.7 7.0 5.1 5.5 7.1 5.2
May 2024 6.2 9.9 7.1 6.4 7.5 5.1 6.7 4.9 5.6 7.2 5.6
June 2023 5.4 8.8 8.4 6.6 6.8 4.5 5.7 4.6 4.9 5.8 5.5
Year-over-year change (pp) 1.0 0.4 -0.4 0.0 0.9 1.2 1.3 0.5 0.6 1.3 -0.3
Monthly change (pp) 0.2 -0.7 0.9 0.2 0.2 0.6 0.3 0.2 -0.1 -0.1 -0.4

Summary

Statistics Canada’s LFS shows P.E.I.’s seasonally adjusted employment in June totaled 92,100, an increase of 5,000 from one year ago and 600 from last month. The seasonally adjusted unemployment rate was 8.0 percent, down 0.4 percentage points as compared to June 2023 and up 0.9 percentage points from last month. The total labour force reached 100,000 for the first time, totaling 100,100 in June, up 5,000 (5.3 percent) compared to June 2023 and up 1,500 (1.5 percent) compared to May 2024. The participation rate was 66.5 percent in June, up 0.8 percentage points from May.

The year-over-year increase in employment was due to an increase of 5,400 (7.2 percent) in full-time employment, while part-time employment fell by 400 (-3.3 percent)1.  Full-time employment totaled 80,300 in June, an all-time high, while part-time employment was 11,800, the lowest total since December 2020. The services sector saw an increase of 3,900 as compared to June 2023, while the goods-producing sector increased by 1,100 over the same period (see table below for year-over-year employment gains and losses by industry), to total 69,100 and 23,000 respectively.

Employment gains (+)/ losses (-) between June 2023 and June 2024 occurred in the following sectors on Prince Edward Island1:

Goods-producing sector 1,100 Service-providing sector 3,900
Agriculture 100 Trade (Retail/Wholesale): 600
Other Primary Industries 0 Transport & Warehousing: 800
Manufacturing -800 Finance, Insurance, Real Estate: 100
Construction 1,800 Business Services: 700
Utilities 0 Professional, Scientific and Technical: 500
Educational Services: 900
Health & Social Services: -600
Public Administration: -400
Information, Culture and Recreation: 400
Accommodation & Food services: 400
Other Services: 400

The number of unemployed persons in June on Prince Edward Island was 8,000, up 1,000 from one month ago and no change as compared to June 2023. Long-term unemployment—the number of people who had been continuously unemployed for 27 weeks or more—was 500 in June, down from 800 in May. Expressed as a proportion of the total labour force, long-term unemployment was 0.5 percent in June, down from 0.8 percent in May.

PEI Unemployment Rate (Seasonally Adjusted)

According to the Labour Force Survey, year-over-year growth in PEI’s population aged 15 years and older has been at 3.0 percent or higher since February 2022 and 4.0 or higher since September 2023. The employment rate—the proportion of the population aged 15 years and older who are employed—can help assess whether employment growth is keeping pace with population growth. In June, PEI’s employment rate was 61.2 percent, up 0.9 percentage points as compared to June 2023 and up 0.2 percentage points from last month. This indicates that growth in employment aged 15 years and over has outpaced the growth in population over this period. The employment rate was at an all-time high of 63.1 percent in September 2023.

The three-month moving average unemployment rate used by the Employment Insurance program for the Charlottetown region was 6.2 percent in June, up from 5.5 percent in May. The minimum draw period increases from 14 to 15 weeks and the hours needed to qualify fall from 700 to 665 hours for this region. The rate in the PEI region in June was 8.5 percent, down from 9.2 percent in May. The minimum draw period falls from 20 to 18 weeks and the hours needed to qualify rises from 560 to 595 hours for this region. For more information, please refer to Employment Insurance (EI) - Canada.ca.

 

NATIONAL

Nationally, employment was little changed in June 2024 as compared to May and the unemployment rate increased 0.2 percentage points to 6.4 percent. The national unemployment rate has increased 1.2 percentage points since April 2023.

At the industry level, employment in the goods-producing sector increased by 12,600 (0.3 percent), while employment in the services-producing sector fell by 14,100 (-0.1 percent). Goods sector employment gains were largely due to a 5.5 percent rise in agriculture employment. Provincially, seasonally adjusted employment in June increased in New Brunswick and Newfoundland and Labrador, with a notable decline in Quebec. There was little change in other provinces.

National average hourly wages for employees rose 5.4 percent ($1.79) on a year-over-year basis in June. By province, year-over-year wage growth was highest in June in Nova Scotia (8.7 percent; $2.48), British Columbia (7.0 percent; $2.41), New Brunswick (5.9 percent; $1.65), and Prince Edward Island (5.7 percent; $1.57). Saskatchewan saw the lowest year-over-year increase in the average hourly wage at 3.1 percent ($0.96). PEI’s average hourly wage rate remains the lowest among provinces at $29.04.  

Unadjusted for seasonality, the national three-month moving average unemployment rate in June was 6.2 percent. The rate for population groups designated as visible minorities was 8.6 percent. Visible minority groups for which the rate was higher than the average were Black Canadians at 13.2 percent, West Asian Canadians at 11.9 percent, Latin American Canadians at 9.1 percent, and Arab Canadians at 8.9 percent.

Canada Employment

 

1 Components may not sum to total due to rounding


Notes:
1.    The LFS estimates for June are for the week of June 9 to 15, 2024.
2.    The LFS estimates are based on a sample and are therefore subject to sampling variability. For more information, see the Statistics Canada publication "Interpreting Monthly Changes in Employment from the Labour Force Survey."
3.    The next release of the LFS will be on August 9, 2024.


Source: Statistics Canada, Labour Force Survey Estimates, released July 5, 2024.

For more information and links to tables, refer to the Statistics Canada Labour Force Survey release for June 2024.

Related downloads for this release:

Monthly Labour Force Survey report - PDF (100KB)

Published date: 
July 5, 2024
Finance

General Inquiries

Department of Finance
2nd Floor South, Shaw Building
95 Rochford Street
P.O. Box 2000
Charlottetown, PE, C1A 7N8

Phone: (902) 368-4040
Fax: (902) 368-6575

DeptFinance@gov.pe.ca