Wednesday, February 28, 2024

December Unemployment Rate Increases to 4.4%

In December, the unemployment rate for the Stratford-Bruce Peninsula Economic Region, which includes the Municipality of Meaford, increased by 0.7 percentage points to 4.4%. The provincial unemployment rate decreased by 0.1 percentage point to 5.6%, both unadjusted for seasonality.

In December, the region’s overall population increased by +300 whereas the labour force size increased by +400. The size of population not participating in the labour force decreased by 100 and the participation rate increased by 0.1 percentage point. We saw a total decrease of -800 in employment size, the number was a result of -1,700 full-time employment losses compensated by +900 part-time employment gains.

The number of Goods-producing sector employees decreased by net 1,100 (-1.9%) this month. Construction experienced the biggest loss again (-1,000, -5.7%), followed by Agriculture (-700, -5.3%) and Manufacturing (-400, -2.4%). On the other hand, Utilities experienced the biggest gain this month (+900, +11.5%), followed by Forestry, fishing, mining, quarrying and oil (+200, +6.7%).

Employment in the Services-producing sector increased by net 300 (+0.3%). Health care and social assistance experienced the biggest gain this month (+2,100, +13.5%), followed by Public administration (+300, +11.5%) and Transportation and warehousing (+300, +6.1%). Business, building and other support services experienced the biggest loss this month (-800, -15.4%), followed by Information, culture and recreation (-500, -14.7%) and Professional, scientific and technical services (-600, -6.7%).

We are encouraged by the overall increase in participation of our workforce, especially the increases in Health Care and Social Assistance,” said Dana Soucie, Executive Director for the Four County Labour Market Planning Board. “Although we see a loss in full-time employment, it is not surprising for the seasonality of some of these sectors.”

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 has reached over 1,600.

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