The unemployment rates in the local region continue to trend downward despite concerns over COVID-19.
The Four County Labour Market Planning Board's latest release shows that in October, the unemployment rate for the Stratford-Bruce Peninsula Economic Region decreased by 1.5 percent to 6.4%, which is the lowest rate in the province. At the same time, the provincial unemployment rate decreased by 1.1 percent to 9.9%, despite the pandemic's second wave.
Overall net employment in the region increased by 3,900 with full-time losses of 400 off-set by part-time gains of 4,200.
The number of Goods-producing sector employees increased by 2,900, with the greatest increases in Construction which gained 1,900 and Agriculture gaining 800. Employment in the Services-producing sector increased by 1,000. The greatest increases were in Wholesale and retail trade gaining 1,800 and other services, except public administration, which gained 1,000. These gains were partly off-set by smaller losses in Accommodation and food services which lost 600 and Finance, insurance, real estate, rental and leasing losing 500.
“While we want to be cautious about using these data to indicate complete economic recovery, a low underutilization rate, compared to over 37% in April 2020, does suggest that conditions in the local labour market are improving as more people have returned to work” says Gemma Mendez-Smith, Executive Director of the Planning Board. “We will continue to track these data as they become available, so we can monitor the broad impact of COVID-19 on our local workforce.”
