LOWEST UNEMPLOYMENT RATE SINCE THE START OF THE PANDEMIC – 4%
Walkerton, ON (June 4, 2021) – In May, the unemployment rate for the Stratford-Bruce Peninsula Economic Region (ER) decreased by 2.1 percentage points from 6.1% to 4%. This is the largest drop in the unemployment rate since the advent of the pandemic and also represents the first time the unemployment rate has fallen below 5 percent for the same time period. At the same time, the provincial unemployment rate increased to 8.9%, with both rates unadjusted for seasonality.
Overall net employment in the region increased by 2,900, with full-time gains (5,900) and part-time losses (-3,000). This employment change shows a steady and continued recovery of the local labour market with the third provincial lockdown still being effective.
The number of Goods-producing sector employees increased by net 1,900. The main driving force came from positive gains in Agriculture (800) and Manufacturing (900). Manufacturing has experienced its fifth consecutive monthly increase in employment in 2021, showing its resiliency to the public health measures.
Employment in the Services-producing sector also increased by net 900. The greatest gains came from Business, building and other support services (1,200) and Professional, scientific and technical services (900). These gains offset the losses in other sectors such as Other services (except public administration, -600), Wholesale and retail trade (-400) and Finance, insurance, real estate, rental and leasing (-400).
“Both our unemployment rate and labour force numbers indicate that we are moving in a positive direction pointing to steady recovery. For the first time since the pandemic the unemployment rate has dipped below 5 percent and we have noted a trend of increasing labour force activity,” says Gemma Mendez-Smith, Executive Director of the Four County Labour Market Planning Board. “We continue to recognize that not all sectors are experiencing the same level of stable recovery,” she continues.
Current job postings for the Bruce, Grey, Huron, Perth region have increased overtime since the pandemic and can be found at: www.connect2JOBS.ca. This is updated regularly so visit often to see the job opportunities. Our monthly average for job posting continues to be 2,000. Check out the latest Job Demand Report for more details.
Note: Statistics Canada’s monthly Labour Force Survey (LFS) provides estimates of employment and unemployment, based on a sampling of households in communities.