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Economic News

Quebec: Solid Job Gains to Close Out the Year

January 10, 2025
Sonny Scarfone
Principal Economist

Highlights

  • Quebec added 14,400 jobs in December 2024 and has gained 51,300 since December 2023.
  • The unemployment rate fell to 5.6%, bringing the annual average for 2024 to 5.4%. This is higher than the record lows of previous years (4.3% and 4.5% in 2022 and 2023, respectively).
  • Full-time employment saw the biggest gains in 2024, adding 101,300 jobs. However, private sector job creation was lacklustre (+2,600).
  • The best performing sectors in December included financial services, real estate and health care. These sectors also led the way on an annual basis (see table).

Comments

2024 was a tale of two halves for Quebec’s job market. After shedding 17,300 jobs during the first half of the year, the province more than offset these losses in the second half, adding 70,400 positions.

Over 12 months (December to December), net job creation was concentrated primarily in public-oriented sectors such as health care (+49,000) and educational services (+15,000). The information, culture and recreation (-24,800) and wholesale and retail trade (-14,100) sectors had a tougher year.

Implications

The labour market strength of the past few months is timely, amid uncertainty over the tariff threat, among other concerns surrounding the incoming US administration. The private sector struggled in 2024, and several sectors of the economy will clearly need to contribute to the job market in 2025.

Although the numbers for the past six months have been positive overall, one indicator of job market health is flashing red. Over 20% of unemployed individuals had been looking for work for more than six months at the end of 2024. This is the highest level we’ve seen since the end of the pandemic and is greater than the prevailing pre-COVID figure of around 15%. With the number of open positions declining, the more than 270,000 unemployed individuals estimated at the end of 2024 will be hoping to see more sectors adding jobs in 2025.

NOTE TO READERS: The letters k, M and B are used in texts, graphs and tables to refer to thousands, millions and billions respectively. IMPORTANT: This document is based on public information and may under no circumstances be used or construed as a commitment by Desjardins Group. While the information provided has been determined on the basis of data obtained from sources that are deemed to be reliable, Desjardins Group in no way warrants that the information is accurate or complete. The document is provided solely for information purposes and does not constitute an offer or solicitation for purchase or sale. Desjardins Group takes no responsibility for the consequences of any decision whatsoever made on the basis of the data contained herein and does not hereby undertake to provide any advice, notably in the area of investment services. Data on prices and margins is provided for information purposes and may be modified at any time based on such factors as market conditions. The past performances and projections expressed herein are no guarantee of future performance. Unless otherwise indicated, the opinions and forecasts contained herein are those of the document’s authors and do not represent the opinions of any other person or the official position of Desjardins Group.