As greater restrictions are put in place on businesses and consumers alike, the provincial economy continues to be ravaged by the pandemic. Overall, job gains are slowing considerably as we head into the winter months. In October, Saskatchewan saw a drop in employment of 1,600 jobs. The unemployment rate fell to 6.4 per cent from 6.8 per cent reported in September, as a result of 4,600 workers leaving the labour force. Full-time employment has fallen by 2,000 while part-time employment gained 400 jobs.
Employment by Industry
Statistics show that manufacturing, accommodation and food services topped this quarter while construction and finance, insurance, real estate, rental and leasing were met with losses.
Saskatoon Region CMA
Now let’s look at the Saskatoon CMA. 1,100 jobs were added to the Saskatoon CMA in the month of October, which marks four-straight months of gain. The labour market has now reportedly recovered 74.4 per cent of jobs that were lost during March and April. The unemployment rate for the region is trending lower in October at 8.1 per cent versus 9.2 per cent in September.
According to Statistics Canada October 2020 Labour Force Survey, employers and workers alike are expressing uncertainty over the potential effects of a second wave of Covid-19. As the number of cases of Covid-19 in Saskatchewan continue to rise, the province is coming face-to-face with the possibility of a second shutdown that will continue to have significant impact on the employment numbers.