In February, the unemployment rate in the Stratford-Bruce Peninsula Economic Region, which includes the Municipality of Meaford, increased by 0.2 percentage points to 5.1%, yet remained the lowest unemployment rate in the province. Meanwhile, the provincial unemployment rate also increased 0.2 percentage points this month to 7.3%, both unadjusted for seasonality. Employment in the Region decreased by 3,300 (-1.9%) in February, with loss in both full-time employment (-1.5%; -2,100) and part-time employment (-3.3%; -1,300).
In February, the Region’s overall population aged 15+ increased by 300 whereas the labour force size decreased by 3,200 people. The number of people not in the labour force in the Region decreased by 3,400. This reduced the Region’s participation rate by 1.2% percentage points to 62.3%. Employment in the Region increased in the services-producing sector (+0.8%; +900) and decreased in the Goods-producing sector (-6.4%; -4,200).
Overall employment in the Services-producing sector saw an increase of +0.8% (+900 people) in February. Transportation and warehousing experienced the largest percentage growth (+400, +12.1%) in employment followed by Finance, insurance, real estate, rental and leasing (+400, +7.3%), Wholesale and retail trade (+1,600, +6.7%), and Health care and social assistance (+1,100, +4.1%). On the other hand, Professional, scientific and technical services experienced the biggest percentage decrease in employment (-1,300, -12.7%), followed by Other services (except public administration) (-1,000,9.4%) and Public administration (-200, -4.5%).
The Goods-producing sector saw a decrease in overall employment numbers in February (-6.4%; -4,200). Gains were experienced in Manufacturing (+1.8%, +300) and Utilities (+0.8%, +100), whereas losses were seen in Agriculture (-18.0%, -2,000) and Construction (-9.7%, -2,400).
“We continue to experience a very low unemployment rate for our region but continue to see positive signs for our workforce,” said Dana Soucie, Executive Director for the Four County Labour Market Planning Board. “Gains in employment are being seen in sectors that have previously seen decreases, which is a positive sign of their recovery. The decreases in Goods-producing sector align with seasonal trends but may be a bit higher due to the current confidence levels in the market.”
Current job postings for the Bruce, Grey, Huron, Perth region have increased over time since the pandemic and can be found at www.connect2JOBS.ca. The current number of job postings currently exceeds 1,600.
