As we reported on Friday, month-over-month (m/m) employment growth in Alberta in November was led by the services-producing sector while the goods-producing sector took a step back. About 24,000 jobs were added compared to October—the highest of any province for the second straight month—for a m/m growth rate of 1.0%.

Digging a bit deeper into the numbers and focusing on how things have changed over the last year, we find that there were about 70K more jobs in Alberta in November 2024 than in November 2023 for an overall increase of 2.8%. Services-producing jobs were responsible for all of the net growth with the number of goods-producing jobs basically flat.

The largest increase since November 2023 in both absolute and percentage terms occurred in the finance, insurance, real estate, rental and leasing sector, which added 12,500 jobs for a year-over-year (y/y) growth rate of 9.8%.

Up by 12,000 (8.0%), the next largest absolute y/y increase was in manufacturing, which was the only goods-producing industry to post y/y growth in November. Health care and social assistance added the third highest number of jobs at 11,800 (3.6%).

Primary agriculture (food processing jobs are included in manufacturing) saw the largest decrease in employment, down 7,400 (17.4%) compared to November 2023. Employment in primary agriculture has not recovered from the erosion that happened during the pandemic with the number of jobs in the sector down by 24,500 versus February 2020 (the month before the pandemic was declared). Only two other sectors are still below their February 2020 level: accommodation and food services (3,500) and utilities (1,200).

Employment in the construction sector was 2,200 lower than a year ago, but we suspect this is due to ongoing labour shortages rather than a lack of construction activity.

Looking ahead, we anticipate that overall employment growth in Alberta will slow next year, but it will still be positive and broad-based with growth occurring in most sectors. The federal caps on immigration and non-permanent residents, however, may exacerbate labour shortages, including in construction and agriculture.

As 2024 slides into our collective rearview mirror, our trivia questions for the rest of December are looking back at the most important economic trends of the year. Enjoy our 12 Days of Economic Trivia for 2024.

Answer to the previous trivia question: The Bank of Canada’s policy rate hit 5% in July 2023 and stayed there until early June 2024.

Today’s trivia question: Despite a healthy rate of job growth, Alberta’s unemployment rate has recently increased. Why?