October Unemployment Rate Further Decreases to 2.3%

By November 4, 2022 News, News Releases 2022

Walkerton, ON (November 4, 2022) – In October, the unemployment rate for the Stratford-Bruce Peninsula Economic Region decreased by 0.4 percentage points to 2.3%, once again the lowest in Ontario. This represents the region’s lowest unemployment rate recorded by Statistics Canada since 2006. The provincial unemployment rate decreased by 0.2 percentage points to 5.6%, both unadjusted for seasonality.

Overall net employment in the region decreased by 1,100, with 2,400 full-time losses and 1,300 part-time gains.

The number of Goods-producing sector employees decreased significantly by net 4,100. The Construction sector once again experienced the biggest loss this month (-2,300) followed by Agriculture (-1,200). Utilities and Manufacturing also experienced losses (-400) and (-300) respectively. Forestry, fishing, mining, quarrying, oil and gas experienced a slight gain (+200).

Employment in the Services-producing sector increased by net 3,000. Many of these industries continue to see slow gains. Educational services experienced the largest gain (+2,100) followed by Information, culture and recreation (+1,500). Wholesale and retail trade experienced the greatest loss (-1,800).

“Job vacancies remain unfilled for long periods as our local employers continue to struggle to attract and retain the workforce they require.” Dana Soucie, Executive Director for the Four County Labour Market Planning Board says. “As our unemployment rate remains chronically low; the current worker shortages will require innovative solutions and community collaboration.”

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 and create your account to track the job opportunities. Our current number of job postings currently exceeds 2,600.

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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.