Sunday, January 24, 2021

December Unemployment Rate Increases to 5.6%

In December, the unemployment rate for the Stratford-Bruce Peninsula Economic Region, which includes the Municipality of Meaford, increased by 0.2 percentage point to 5.6%. At the same time, the provincial unemployment rate decreased by 0.2 percentage points to 8.5%, both unadjusted for seasonality.

The annual adjusted unemployment rate for 2020 was 7.2%, 2.9 percentage points higher than that for 2019 which was 4.3%.

Overall net employment in the region decreased by 200, with full-time losses (-100) and part-time losses (-100). This net employment change was the smallest during the COVID-19 pandemic.

The number of Goods-producing sector employees decreased by net 1,700. The main driving force came from significant losses in Manufacturing (-1,400) and Utilities (-700).

Employment in the Services-producing sector, however, increased by net 1,600. The greatest gains were in Transportation and warehousing (1,200) while the most losses came from Finance, insurance, real estate, rental and leasing (-1,000). The gains in other sectors offset the losses, which resulted in net gains of 1,600.

Increased employment in service industries over the last few months indicates economic recovery which we hope will continue in 2021,” says Gemma Mendez-Smith, Executive Director of the Four County Labour Market Planning Board. “However, our local unemployment rate, both for December and for 2020 overall, continues to hold the lowest rate in the province.”

Current job postings for the Bruce, Grey, Huron, Perth region can be found at: www.connect2JOBS.ca.

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