Saskatoon CMA’s labour market remains robust after nine consecutive months of growth, leading to a greater tightening of the labour market, characterized by low unemployment rates and high labor force participation rates.
In April, the unemployment rate fell to 4.4%, down from 4.6% in March. A 4.4% unemployment rate has not been seen in Saskatoon since August 2014. Meanwhile, the Saskatchewan unemployment rate increased to 5.5% from 5.0%.
The labour market has definitely shifted to a job-seekers market, where competition for workers remains high and competitive, shining a spotlight on talent retention and talent attraction.
Saskatchewan recently announced that it was raising its minimum wage to $15 by 2024, bringing mixed reactions from employers and employees. Although the first increase won’t be until the months ahead, the outlook remains optimistic as employees return to work, particularly those with part-time positions and those in the hospitality sector. With this, the unemployment rate could decrease in the months ahead.