August 2024

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August 2024

In August 2024, the Hamilton CMA saw a consecutive 0.2% increase to their population, amounting to a population of 702,100. While population grew, Hamilton’s labour force saw a 0.5% contraction; this decline was solely from the unemployed population. The unemployed population declined by 7.2% – with no change to the regions employed population. Participation also declined in August, with a 0.5% decline; these changes reflect the early transition from summer to fall, with more individuals returning to school/training.

Unemployment

In August, unemployment overall declined for Hamilton. Looking at age groups, unemployment was still disproportionately high for the youth group (15-24), with an unemployment rate of 18.8% – more than double that of the regional unemployment rate of 6.7%. On the contrary, the core-working age group (25-54) had an unemployment rate of 5.7%. With a longer tenure in the labour force, these individuals have more job stability and are more resilient to labour market fluctuations than their youth counterparts. Similarly, the older working population (55-64) had an unemployment rate of 4.2%. Many of these individuals will soon transition from working to retirement age, opening new job opportunities for Hamilton’s youth and young professionals.

Job Demand in Hamilton

With data taken from WPH’s Job Board, August saw Hamilton’s Health Care and Social Assistance sector with the most active job postings. Situated with Health Care institutions such as St. Josephs Health Care, Hamilton Health Sciences, and a handful more, the Health Care sector contributes greatly to the regions economic health. This, in turn, is reflected in the job demand. Around 90% of Hamilton’s businesses are also SMEs (small-to-medium enterprises, or those that make up less than 50 employees). Many of these operate within the Retail sector, following with the demand. Institutions such as McMaster University, Mohawk College, and Redeemer University, seasonal demand for contract education workers is also strong for Hamilton, and was equally reflected in Augusts job demand.

Industries

In August, Agriculture spearheaded employment growth in the region, being the top growing industry for the month, with a 14% increase. Following was Health Care and Social Assistance (4%), and Construction (3%). The top declining industries were Utilities (-12%), Transportation and Warehousing (-8%); and Public Admin (-6%).

Occupations

From Workforce Planning Hamilton’s Job Board, the top in-demand job for August 2024 were Registered Nurses with 400 job postings. Following were Retail Salespersons (281), Cooks (260); Store Shelf Stockers (256); and Food Service Jobs (219).

The top hiring employers were McMaster University (496), Hamilton Health Sciences (225), Accor Hotels (187), City of Hamilton (173) and Kijiji employers (167).

Interest Rates and Inflation

On September 4th, the Bank of Canada reduced its policy interest rate to 4.25%. Throughout the years, total CPI inflation has slowly eased back within the target range of 1-3%, to 2.5% in July 2024.

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