February Unemployment Rate Decreases to 4.5%

By March 8, 2024 March 15th, 2024 News, News Release 2024, Unemployment Rate



Walkerton, ON (March 8, 2024) – In February, the unemployment rate for the Stratford-Bruce Peninsula Economic Region 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 overtime since the pandemic and can be found at www.connect2JOBS.ca.    The current number of job postings reached more than 1,800.


Note: Statistics Canada’s monthly Labour Force Survey provides estimates of employment and unemployment, based on a sampling of households in communities. Stratford-Bruce Peninsula figures represent a three-month moving average, unadjusted for seasonality. Numbers may not sum to total due to rounding.