Canada’s labor market closed for 2023 on a subdued note. In December, only 0.1k new positions were added, with full-time employment reduced by 23.5k while part-time employment rose by 23.6k. The unemployment rate held constant at 5.8%, and the participation rate slightly dropped to 65.4%.
Sector-wise, there were gains in professional, scientific, and technical services (+46k), health care and social assistance (+16k), and other services (+12k). However, wholesale and retail trade (-21k) and manufacturing (-18k) experienced declines.
Total hours worked rose by 0.4% month-on-month, and wages increased by 5.4% year-on-year, up from 4.8% in November. The job market showed mixed signals, with fluctuations in employment and hours worked.
Despite a 74k increase in the working-age population in December, the number of unemployed workers rose by 202k throughout 2023. Overall, the report doesn’t significantly alter the Bank of Canada’s outlook. The Canadian economy has been gradually weakening, influenced by reduced consumer spending due to high-interest rates and slowed hiring by businesses. With underlying inflation approaching the BoC’s target, a potential policy rate cut in April is under consideration.
The following are 10 of the Best and Worst Paying Jobs in Canada for 2024 (These hourly rates are approximate and can vary. For the most accurate and current information, it’s recommended to refer to job market reports, industry surveys, or government statistics.)
Best-Paying Jobs in Canada with Approximate Hourly Rates:
| Job Title | Short Description | Approx. Hourly Rate (CAD) |
|---|---|---|
| Surgeon | Medical professionals specializing in surgical procedures. | $150 – $200+ |
| Specialist Physician | Physicians with expertise in a specific medical field. | $120 – $180+ |
| Dentist | Healthcare professionals specializing in dental care. | $100 – $150+ |
| IT Manager | Oversees and manages information technology departments. | $50 – $80+ |
| Engineering Manager | Leads and coordinates engineering projects and teams. | $50 – $75+ |
| Petroleum Engineer | Designs and develops methods for extracting oil and gas. | $45 – $70+ |
| Mining and Quarrying Supervisor | Manages mining and quarrying operations. | $40 – $60+ |
| Pilot (Airline) | Flies commercial airplanes, ensuring passenger safety. | $30 – $50+ |
| Pharmacist | Dispenses medications and provides healthcare advice. | $40 – $60+ |
| Financial Manager | Manages financial activities and planning within an organization. | $40 – $70+ |
Worst-Paying Jobs in Canada with Approximate Hourly Rates:
| Job Title | Short Description | Approx. Hourly Rate (CAD) |
|---|---|---|
| Fast Food Worker | Entry-level positions in the fast-food industry. | $12 – $15 |
| Retail Sales Associate | Assists customers in retail stores with their purchases. | $13 – $17 |
| Customer Service Representative | Handles customer inquiries and complaints. | $14 – $18 |
| Farm Worker | Engaged in various agricultural tasks on farms. | $12 – $16 |
| Cashier | Processes customer payments in retail or service settings. | $12 – $16 |
| Food Service Worker | Prepares and serves food in restaurants or cafeterias. | $13 – $18 |
| Home Care Aide | Provides in-home assistance to elderly or disabled individuals. | $15 – $20 |
| Housekeeping Attendant | Performs cleaning and maintenance tasks in hotels or homes. | $13 – $18 |
| Childcare Worker | Cares for and supervises children in daycare settings. | $14 – $20 |
| Administrative Assistant | Provides support in administrative tasks. | $15 – $25 |
