Brief Review of New Brunswick's Labour Market – December 2024

New Brunswick's unemployment rate for ages 15 and over rose to 7.8% in December 2024, up from 6.9% in November and 6.3% in December 2023. The labour force increased to 432,200 people, reflecting a 3.7% rise compared to December 2023. Employment also showed positive growth, with the number of employed individuals rising by 7,800, representing a 2% increase compared to December of the previous year. 

The increase in the unemployment rate can be attributed to a rise in job seekers entering the market, likely driven by seasonal factors and year-end job searches. Although employment numbers improved, the market could not fully absorb the influx of new entrants, leading to an uptick in unemployment. This indicates that while the labour market is expanding, it faces challenges balancing supply with growing demand. 

Source: Labour force characteristics by province, monthly, seasonally adjusted