Region’s unemployment rate was second lowest in Ontario last month

The unemployment rate in the region that includes Grey and Bruce counties decreased to 5% in July, making it the second lowest in Ontario. According to the Four County Labour Market Planning Board, the rate for the Stratford-Bruce Peninsula Economic region fell by 0.6 percentage points from the previous month.

In contrast, the provincial unemployment rate remained unchanged at 7.1% in July. The regional rate and the provincial rate are both unadjusted for seasonality.

Despite the decrease in the unemployment rate, total employment in the region actually declined by 200 jobs, totaling 168,000. This was due to a loss of 1,600 part-time positions, which offset the gain of 1,400 full-time jobs.

The region’s population aged 15 and above increased by 400 in July, while the labor force size decreased by 1,300 people. As a result, the number of people not in the labor force increased by 1,700, leading to a reduction in the region’s participation rate by 0.5% to 59.6%.

In terms of employment sectors, the services-producing sector saw an increase of 1,000 jobs, while the goods-producing sector experienced a decline of 1,200 jobs. Within the services-producing sector, public administration saw the largest percentage increase, rising 13.9% with the addition of 500 jobs. Other sectors that saw significant increases include information, culture, and recreation, which rose 12.9% with 800 new jobs, and professional, scientific, and technical services, which increased 10.6% with 1,000 new jobs.

On the other hand, the goods-producing sector saw gains in agriculture, with a 6% increase and 500 new jobs, but experienced losses in manufacturing, which declined 5.3% with 1,200 fewer jobs, and utilities, which dropped 1.5% with 200 fewer jobs.

Article and image source: owensoundsuntimes.com