The Stratford-Bruce Peninsula economic region experienced a small increase in unemployment in March, with the rate rising by 0.2 percentage points to 5.3 per cent.
However, the region continues to post the lowest unemployment rate in Ontario for the third straight month. Across the province, the jobless rate also moved higher, climbing to 7.5 per cent.
Approximately 3,600 fewer people were working in the region in March, as compared to February. The decline was driven largely by a drop in full-time positions. There were 3,700 fewer full-time workers, but part-time employment gained 200 positions.
There are also more people living in the region, as the number of residents aged 15 and older grew slightly, while fewer people were actively participating in the workforce. The labour force shrank by about 3,400 individuals, while the number of people not working or seeking work rose by 3,800. This shift pushed the participation rate down by 1.2 percentage points to 61.1 per cent.
Job losses were felt across both major sectors of the economy. Employment in the goods-producing sector fell by 3.1 per cent, with significant declines in agriculture and construction. However, there were some bright spots, as utilities and manufacturing posted small gains.
The services sector also saw an overall decrease of 1.4 per cent. The steepest declines came in other services, along with health care and social assistance, and education. Still, several industries moved in the opposite direction, with transportation and warehousing leading the way, followed by wholesale and retail trade, and business support services.
“Although this month shows another decline in the participation rate for the region we continue to monitor changes for seasonal rebounds” says Dana Soucie, Executive Director for the Four County Labour Market Planning Board. “As a rural region with a chronically low unemployment rate, collaborations and continued services to support sectors in need are critical to the health of our future workforce”.
Despite the recent slowdown in employment, job opportunities across the region remain strong. The number of postings has continued to climb since the pandemic, with more than 1,500 positions currently available throughout Bruce, Grey, Huron, and Perth counties.
