JULY UNEMPLOYMENT RATE INCREASES TO 2.8%
Walkerton, ON (Aug 9, 2024) – In July, the unemployment rate for the Stratford-Bruce Peninsula Economic Region increased by 0.4 percentage points to 2.8% after dropping for five consecutive months. Meanwhile, the provincial unemployment rate increased by 0.2 percentage points to 7.1%, both unadjusted for seasonality.
The Region’s overall population increased by +400 in July whereas the labour force size increased significantly by +4,700, resulting in the size of population not participating in the labour force to decrease by -4,400. This drove the participation rate up by 1.6 percentage points to 61.4%. The growth in labour force size partly explained the increase in unemployment rate in July. The Region experienced an increase of approximately +3,900 in total employment size, as a result of +5,200 full-time employment gains partly compensated by -1,400 part-time employment losses.
The number of Goods-producing sector employees increased by 4.7% (+2,700) this month. Utilities experienced the biggest percentage gain this month (+1,300, +16.9 %), followed by Agriculture (+1,300, +13.3%) and Construction (+600, +3.4%). On the other hand, Forestry, fishing, mining, quarrying, oil and gas again experienced the biggest loss (-300, -15.8%), followed by Manufacturing (-300,-2.5%).
Employment in the Services-producing sector increased by 1.3% (+1,300) this month. With +3,100 employment increase, Professional, scientific and technical services experienced the biggest percentage gain again this month (+33.7%), followed by Information, culture and recreation (+800, +22.2%) and Accommodation and food services (+800, +8.6%). However, Education experienced the biggest percentage loss this month (-800,-11.9%), followed by Business, building and other support services Educational services (-600, -10.9%), Transportation and warehousing (-400, -6.8%), and Health care and social assistance (-900, -4.3%).
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 reaches
2,130.
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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.
