Q3 2024 Labour Force Analysis

SREDA’s Quarterly Labour Force Analysis series highlights current trends and insights into the labour market dynamics within the Saskatoon Region. This analysis delves into vital indicators including labour force participation, industry-specific employment growth, unemployment rates, and wage trends.

In analyzing the Q3 2024 data, several key takeaways are seen:

1. Robust Employment Growth: The Saskatoon Region saw a 4.5% year-over-year rise in employment in Q3, adding 5,700 jobs. Growth was led by full-time positions in key sectors like Information, Culture and Recreation, Education, and Trade.
2. Leading Labour Market Indicators: The Region leads Canada with a 67.8% employment rate and 71.6% participation rate. The unemployment rate is low at 5.3%, showing a tight labour market and strong economic engagement.
3. Wage Growth Challenges: Despite minimum wage hikes, Saskatchewan’s wage growth lags behind the national average, risking economic competitiveness and talent retention.

In this analysis you will find the latest labour force statistics, gain valuable insights, and navigate the intricacies of the Saskatoon Region’s dynamic economy.