February unemployment rate drops to 4.5 per cent, says planning board
March 24, 2024
In February, the unemployment rate for the Stratford-Bruce Peninsula Economic Region decreased by 0.3 percentage points to 4.5 per cent. Meanwhile, the provincial unemployment rate increased by 0.3 percentage point to 6.1 per cent, both unadjusted for seasonality.
That’s the word from the Four County Labour Market Planning Board.
In February, the region’s overall population increased by 400 and the labour force size increased by 300; whereas, the size of population not participating in the labour force increased by 100. Thus, the participation rate remained unchanged.
The region also experienced an increase of approximately 700 in total employment size. While there were about 1,300 full-time employment gains, there were losses in part-time employment.
The number of goods-producing sector employees increased last month. Manufacturing experienced the biggest gain again (+2,900, +16.1 per cent). However, forestry, fishing, mining, quarrying and oil experienced the biggest percentage loss again (-700, -23.3 per cent), followed by utilities (-600, -7.1 per cent) and agriculture (-100,-0.8 per cent).
Employment in the services-producing sector decreased last month. With 400 employment losses, information, culture and recreation experienced the biggest percentage loss (-13.8 per cent), followed by finance, insurance, real estate, rental and leasing (-800, -9.4 per cent) and accommodation and food services (-600, -7.3 per cent). On the other hand, business, building and other support services experienced the biggest percentage gain (+700, +15.2 per cent), followed by public administration (+500, +13.9 per cent) and health care and social assistance (+1,500, +7.7 per cent).
Current job postings for the Bruce, Grey, Huron, Perth region have increased over time and can be found at www.connect2JOBS.ca. The current number of job postings reached more than 1,800.
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