Monday, April 22, 2024

February Unemployment Rate Decreases to 4.5%

In February, the unemployment rate for the Stratford-Bruce Peninsula Economic Region, which includes the Municipality of Meaford, decreased by 0.3 percentage points to 4.5%. Meanwhile, the provincial unemployment rate increased by 0.3 percentage point to 6.1%, both unadjusted for seasonality.

In February, the Region’s overall population increased by +400 and the labour force size increased by +300, whereas the size of population not participating in the labour force increased by +100. Thus, the participation rate remained unchanged. The Region also experienced an increase of approximately +700 in total employment size. While there were about +1,300 full-time employment gains, we saw losses in part-time employment this month.

The number of Goods-producing sector employees increased this month. Manufacturing experienced the biggest gain again (+2,900, +16.1%). However, Forestry, fishing, mining, quarrying and oil experienced the biggest percentage loss again (-700, -23.3%), followed by Utilities (-600, -7.1%) and Agriculture (-100,-0.8%).

Employment in the Services-producing sector decreased this month. With 400 employment losses, Information, culture and recreation experienced the biggest percentage loss this month (-13.8%), followed by Finance, insurance, real estate, rental and leasing (-800, -9.4%) and Accommodation and food services (-600, -7.3%). On the other hand, Business, building and other support services experienced the biggest percentage gain this month (+700, +15.2%), followed by Public Administration (+500, +13.9%) and Health care and social assistance (+1,500, +7.7%).

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 reached more than 1,800.

Popular this week

Latest news