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Midwestern

Local unemployment rate at its lowest since 2022

Last month, the local unemployment rate dipped to its lowest level in over a year and a half.

According to the latest figures from the Four County Market Planning Board, the Stratford-Bruce Peninsula Economic Region unemployment rate in May decreased by 0.5 percentage points to three per cent.

The region now sits well below the provincial unemployment rate of 6.9 per cent, unadjusted for seasonality.

The dip was due to a decrease in the overall labour participation rate, which the board says is at 59.8 per cent for the region.

Overall, there was a decrease of approximately 200 in total employment size for May.

Finance, insurance, and real estate was the sector that saw the most growth, with roughly 1,200 employees added, while health care and social assistance lost 1,300.

"Although our unemployment rate has dropped again, the seasonality of the sectors does not bode any big surprises," said Dana Soucie, Executive Director for the Four County Labour Market Planning Board. "The HealthCare sector has seen gains in previous months, and will be monitored for any downward trends as seen this month."

The agriculture and manufacturing sectors experienced the biggest percentage total employment loss this month, with both around 1,400.

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