Wednesday, February 28, 2024

London-area jobless rate sees little change

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The unemployment rate in the London region was virtually unchanged in February.

Statistics Canada released new figures on Friday which show the jobless rate for the London Census Metropolitan Area last month was 5.1 per cent. That is just 0.1 percentage points higher than in January when it was 5 per cent. The tiny increase marks the first time in three months the rate has not fallen.

The local economy added 900 new jobs in February. The region has now seen job growth the past two months, as 1,700 new jobs were created in January. In all, 298,100 people in the area were considered employed last month. According to Statistics Canada, February’s participation rate, which reflects the percentage of working-age individuals employed or looking for work, held steady at 65.2 per cent.

The London CMA includes St. Thomas, Strathroy, and other surrounding communities

Nationally, the addition of 22,000 jobs to the Canadian economy helped keep the unemployment rate the same in February. Statistics Canada said the jobless rate was 5 per cent last month, unchanged from January. The majority of the job gains were reportedly in health care and social assistance, public administration and utilities.

In Ontario, the rate went down slightly to 5.1 per cent last month. The jobless rate in the province the previous month was 5.2 per cent. Ontario added 15,600 jobs, Statistics Canada said. This marks the fifth straight month additional jobs were added to the provincial economy.

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