TrendLine Saskatchewan

 

TrendLine Saskatchewan - January 2024

Professional, scientific, and technical services industry leads surge in employment growth in final month of 2023

Stephen Johnson

MA
Chief Economist

The last month of 2023 saw another surge in the annual average rate of employment growth to 1.8%. Growth has been led by employment in Professional, scientific and technical services industry in full time positions. Despite increasing employment, both the unemployment rate and the number of unemployed posted small increases. Housing starts, benefitting from a late surge in apartment/condo construction, are ahead of 2022 levels. Wholesale trade, restaurant receipts, and building permits are well ahead of 2022 levels. Most of the other indicators are in decline or showing signs of slowing: manufacturing sales and international exports and are in decline while, retail trade and new car sales are posting only anemic growth.

Inflation is easing, but at 4%, it is still at a level that precludes any interest rate cuts. Average weekly wage increases are below the rate of inflation leading to weak retail activity and the number of individuals of working age not participating in the labor force is on the rise as unemployment posts minor advances.


Composite Indicator Actual & Seasonally Adjusted

Key Indicator This Month

Employment

1.8%

January 2024 YTD

Employment

1.8%

January 2024 YTD

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This Issue's Economist:

Stephen Johnson

MA
Chief Economist

This Issue's Editor:

Spencer Boyle

BA, Economics
Project Coordinator


TrendLine Saskatchewan is published monthly by Praxis Consulting.