A month after hitting a high not seen in a year, the London region's unemployment rate improved slightly in October.
According to Statistics Canada figures released Friday the jobless rate for the London Census Metropolitan Area fell to 5.8 per cent last month, from 6 per cent in September. It is the first time in five months the rate did not go up. In August it was 5.6 per cent, up from 5 per cent in July and 4.5 per cent in June.
Roughly 2,000 new jobs were added to the local economy last month, Statistics Canada said.
October's participation rate, which reflects the percentage of working-age individuals employed or looking for work, hit a new high for 2023. It rose 0.2 percentage points to sit at 67.7 per cent, up from 67.5 per cent the month prior. The region also saw its population jump by about 1,800 to bring it to 493,700.
The London CMA includes St. Thomas, Strathroy, and other surrounding communities.
Nationally, the unemployment rate ticked up, despite the addition of 18,000 new jobs. The rate rose to 5.7 per cent in October, up from 5.5 per cent in September. Statistics Canada data shows the country isn't creating enough jobs to keep up with the pace of the increasing labour force that is being driven by soaring immigration. Manufacturing and wholesale and retail trade led in job losses, while Construction, information, culture and recreation sectors saw the largest gains
In Ontario, the rate went up by two percentage points to 6.2 per cent in October. That is up from 6 percent in September.
