local unemployment rate sees slight increase

Local unemployment rate sees slight increase

Local unemployment in the Stratford-Bruce Peninsula Economic Region saw an uptick in the final month of 2022.

According to the latest from the Four County Labour Market Planning Board, December’s unemployment rate was up 0.8 percentage points to 3.5 percent, which is the second lowest in Ontario. The provincial unemployment rate decreased by 0.3 percentage points to 4.8 percent, both unadjusted for seasonality. The annual adjusted unemployment rate for 2022 was 3.7 percent, 0.5 percentage points lower than 2021 which was 4.2 percent.

Overall net employment in the region decreased by 3,600, with 6,000 full-time losses and 2,400 part-time gains. The region’s labour force size decreased from 165,900 people in November 2022 to 163,700 in December 2022.

“With an aging workforce and high participation rates; vacant jobs are increasing and staying vacant longer” said Dana Soucie, Executive Director for the Four County Labour Market Planning Board. “Rural communities face additional barriers in attracting the necessary workforce; making it extremely competitive for many employers in Bruce, Grey, Huron and Perth. Understanding our ability to attract and retain workers to the region will be a valuable exercise as we navigate these the labour shortages.”

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.

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