September 2024
In September 2024, the Hamilton CMA saw a consecutive 0.2% increase to their population, amounting to a population of 703,800. While the population grew, Hamilton’s labour force saw a 0.3% contraction again in September, following the 0.5% contraction in August. This decline was mainly from the unemployed population, which declined by 8.8%, but also partly from the employed population, which saw their populace decline by 0.3% as well. Participation among the region was also down compared to last month. With the participation rate declining by 0.7% to 64.4%. Historically, the third quarter is a less active job opportunities period for job-seekers, coming down from the peak hiring cycles in the spring and summer. However, as festivities such as Thanksgiving, Halloween, and Christmas roll around, job demand in Retail is expected to pick up again in the fourth quarter.
Unemployment Rate
Spotlight: September 2024, looking at unemployment rates by immigrant-status in Ontario, newcomers had the overall highest unemployment rate of 11.8%. In comparison to the total Immigrant populace (newcomers and those that have landed 10+years ago), which had an unemployment rate of 8%. Interestingly, Immigrants who have landed more than 10 years ago had a lower unemployment rate than their Canadian-born counterparts, of 6.4% compared to 6.7%.
Next, looking to Hamilton’s unemployed population. Both female (-1K, -0.4%) and male (-2.2K, -0.7%) groups saw their unemployed population decline in September. By age groups, Hamilton’s unemployed youth (18.3%) declined by 1,400 youths; core-working age individuals (25-54) (5.1%) by 1,700 persons; and older workers (55-64) (3.9%) by 300 workers.
Job Vacancies and Wages
In Q2 2024, the Hamilton-Niagara Peninsula (Economic Region geography) saw job vacancies decline by 300. Overall job vacancies were down 26% year-over-year, from Q2 2023. Similarly, the vacancy rate has declined by 1.2% to 3.2% in Q2 2024. With lower vacancy rates across the region, average offered hourly wages declined in Q2 2024 by $0.20 to $26.05/hour.
Industries
With overall employment waning, most industries saw modest gains and larger losses in employment. Accommodation and Food Services saw the largest gain of 6% from a monthly standpoint. Following was Professional, Scientific and Technical Services with an increase of 3%; and Healthcare and Social Assistance with an increase of 2%. The industry which saw the largest hit to employment was Utilities, with a decline of 18% in employment. Since May, the Utilities sector has been among the top declining industries in Hamilton. The second top declining industry for September was Agriculture, with a loss of 13% in employment; following was Transportation and Warehousing (-5%).
Occupations
From Workforce Planning Hamilton’s Job Board, the top in-demand job for September 2024 were Registered Nurses with 356 job postings. Following were Retail Salespersons (278), Cooks (258); Store Shelf Stockers (224); and Food Service Jobs (200).
The top hiring employers were McMaster University (614), Hamilton Health Sciences (216), the City of Hamilton (195); St. Joseph’s Healthcare Hamilton (106); and Kijiji Employers (95).
ONTARIO MINIMUM WAGE INCREASES
On October 1st, the Ontario minimum wage was increased from $16.55/hour to $17.20/hour. With the student wage increasing from $15.60/hour to $16.20/hour.
Ontario has one of the highest minimum wage rates across Canada, attributed to the higher cost-of-living.