The unemployment rate for the Stratford-Bruce Peninsula Economic Region dropped from 3.0% to 2.8%, in November. The region continues to boast the lowest unemployment rate in the province.
The local unemployment rate has rarely fallen below 3%; the last time this occurred was late 2019. Meanwhile, the provincial unemployment rate decreased to 6.4%, with both rates unadjusted for seasonality. Overall net employment in the region was unchanged for the third month in a row, remaining steady at 162,200.
With full-time gains (400) partly offset by part-time losses (-300). The number of Goods-producing sector workers increased by net 1,100. The greatest increase was seen in Construction (2,200), while the greatest losses were seen in Agriculture (-1,600).
Employment in the Services-producing sector decreased by net 1,000. The greatest gains were in Health care and social assistance (2,200) and Educational services (1,300). The greatest losses were in Wholesale and retail trade (-1,300) and Accommodation and food services (-1,300).
“The persistently low local unemployment rate continues to parallel what we saw before the pandemic; once again, the Stratford-Bruce Peninsula has the lowest unemployment rate in Ontario. This reinforces the need to focus on retaining current employees, and encouraging those who live locally but are not currently working to return to the labour force where possible,” says Gemma Mendez-Smith, Executive Director of the Four County Labour Market Planning Board.