The unemployment rate in the Stratford-Bruce Peninsula Economic Region dropped once again in May.
According to a release from the Four County Labour Market Planning Board, the unemployment rate for the region in May dropped another 2 percent to 4.1 percent from April's 6.1. This is the largest drop in the unemployment rate in the region since the pandemic hit and it is also the first time the unemployment rate has sunk below 5 percent during the same time period. The provincial unemployment rate increased to 8.9 percent. Overall net employment in the region increased by 2,900, with full-time gains at 5,900 and part- time losses at minus-3,000.
The release states that "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: http://www.connect2JOBS.ca
