1. ECONOMICS I RESEARCH 1 Marking-to-market Canada’s labour market performance Dawn Desjardins (416) 974-6919 Assistant Chief Economist dawn.desjardins@rbc.com October 2014

2. ECONOMICS I RESEARCH 2 Canada’s labour market outperformed peers coming out of recession

3. ECONOMICS I RESEARCH 3 By these metrics, Canada looks good compared to others

4. ECONOMICS I RESEARCH 4 Growth in job creation slowed, not stopped

5. ECONOMICS I RESEARCH 5 Industry performance varied with services leading

6. ECONOMICS I RESEARCH 6 NOT a nation of part-time employees…

7. ECONOMICS I RESEARCH 7 …although some are working part-time but want full-time

8. ECONOMICS I RESEARCH 8 Unemployment rate is at its 10-year average

9. ECONOMICS I RESEARCH 9 Share of long-term unemployed has steadied …

10. ECONOMICS I RESEARCH 10 …. and the period of unemployment is no longer than average

11. ECONOMICS I RESEARCH 11 Youth unemployment rate is slightly elevated compared to rest of LF

12. ECONOMICS I RESEARCH 12 Wage growth has been slow to accelerate…

13. ECONOMICS I RESEARCH 13 …this reflects the fact that the economy still has spare capacity

14. ECONOMICS I RESEARCH 14 The decline in the participation rate is primarily due to demographics

15. ECONOMICS I RESEARCH 15 Participation rate gap narrowed; rate for men and women stabilizing

16. ECONOMICS I RESEARCH 16 Aboriginal participation is lower; unemployment rate is higher

17. ECONOMICS I RESEARCH 17 There has been little improvement in relative performance

18. ECONOMICS I RESEARCH 18 Disclaimer The material contained in this report is the property of Royal Bank of Canada and may not be reproduced in any way, in whole or in part, without express authorization of the copyright holder in writing. The statements and statistics contained herein have been prepared by RBC Economics Research based on information from sources considered to be reliable. We make no representation or warranty, express or implied, as to its accuracy or completeness. This publication is for the information of investors and business persons and does not constitute an offer to sell or a solicitation to buy securities. ®Registered trademark of Royal Bank of Canada. ©Royal Bank of Canada.