ON TRACK IN SOME AREAS, A BUMPY ROAD AHEAD IN OTHERS

Population growth continues to surge.

• May’s Labour Force Survey data reported a 3.6% (S.A.A.R.) increase in the 15 year old+ population compared to April.
• This 97,600 increase since the release of last month’s report maintained the trend of robust population growth through 2024 so far, with the last three months averaging growth of 3.7% (S.A.A.R.). Compared to May of last year, Canada’s 15+ population is up by almost 1.1 million.
• The increase in the labour force population is down by roughly half when compared to April’s explosive growth numbers, although m/m growth of 3% (S.A.A.R.) is still significantly high, especially when compared to pre-pandemic levels.

A quarter of the year recorded, a quarter of the goal reached.

• Canada admitted another 34,785 permanent residents among its major categories in March, totalling 121,620 admissions for the year so far, approximately 25% of the annual goal of 485,000 the federal government set for 2024.

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