“Saskatchewan’s growing at its fastest pace in more than a century with more people living and working in the province than ever before,” says Jeremy Harrison.
Saskatchewan reached significant milestones last month for job creation and total employment, according to Statistics Canada’s latest economic snapshot delivered by the province on Friday.
Saskatchewan saw 14,400 new jobs created year-over-year in June, the province said, citing the federal agency. That number comprised 7,300 new full-time jobs and 7,100 part-time jobs compared to the same period in 2023.
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Additionally, for the second month in a row, Saskatchewan saw historical highs in employment with 619,100 and a labour force of 651,100.
“Saskatchewan’s growing at its fastest pace in more than a century with more people living and working in the province than ever before,” Immigration and Career Training Minister Jeremy Harrison said in a statement issued Friday.
“Investment in Saskatchewan is driving historic economic growth and job creation, which allows us to take measures to keep life affordable in Saskatchewan, while making record investments in health care, education and our communities.”
The unemployment rate in Saskatchewan fell to 5.5 per cent in June, the third-lowest among Canadian provinces.
Canada’s unemployment rate overall stood at 6.4 per cent in June, up from 6.2 per cent in May, as the size of the labour force grew, according to Statistics Canada. The June result was the highest reading for the unemployment rate since January 2022 when it was 6.5 per cent.
Average hourly wages among employees in Canada were up 5.4 per cent on a year-over-year basis in June.
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Statistics Canada noted the national unemployment rate has trended up since April 2023, rising 1.3 percentage points over that period.
It also said that as the unemployment rate has increased, so has the proportion of long-term unemployed, with 17.6 per cent of those unemployed in June having been continuously jobless for 27 weeks or more, up four percentage points from a year earlier.
The overall loss in the number of jobs in June came as the national economy lost 3,400 full-time positions, offset in part by a gain of 1,900 part-time jobs.
In Saskatchewan, job growth from June 2023 to June 2024 was reported in educational services (up 4,600 or 8.9 per cent), accommodation and food services (up 3,300 or 10.2 per cent), and professional, scientific and technical services (up 3,300 or 9.3 per cent).
Year-over-year, Regina saw the total number of jobs rise by 5,000 in June, an increase of 3.4 per cent, while Saskatoon’s employment rose by 5,400 jobs, an increase of 2.7 per cent, the province said.
Leslie Preston, managing director and senior economist at TD Bank, said financial markets increased the odds of a rate cut by the Bank of Canada at its July 24 decision following the jobs report.
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“The Bank of Canada is not out there to see Canadians lose jobs, but they do want to see, you know, slightly cooler conditions in the labour market,” Preston said.
“So this is certainly consistent with what they’re looking for.”
The central bank cut its key interest rate last month for the first time since the early days of the pandemic. The bank’s policy interest rate stands at 4.75 per cent.
Preston said TD was still forecasting that the Bank of Canada would wait until September before cutting again, but noted there are two key data points to come before the July rate decision: the central bank’s quarterly business outlook survey and the June inflation report.
“Certainly inflation will be a big one, but I wouldn’t want to downplay the business outlook survey,” Preston said.
“That’s also a pretty important one.”
— With files from The Canadian Press
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