The Stratford-Bruce Peninsula Economic Region recorded the largest percentage drop in unemployment across Ontario last month, as the region's jobless rate fell by 1.2 percentage points to 4.2 per cent in April.
According to the Four County Labour Market Planning Board, this marks the second lowest unemployment rate among the province’s economic regions, while Ontario’s overall unemployment rate held steady at 7.6 per cent.
Despite this positive trend, the region experienced a contraction in its labour force, with 3,200 fewer people participating than the previous month. The total population rose by 300, while the number of people not in the labour force climbed by 3,600, bringing the participation rate down by 1.2 percentage points to 58.7 per cent.
Overall employment in the region decreased by 900 positions in April. Notably, full-time employment saw a decline of 1,000 jobs, while part-time employment remained unchanged.
In the goods-producing sector, employment edged up by 0.8 per cent, adding 500 jobs. Manufacturing led the gains with an 11.2 per cent increase, adding 2,000 positions, followed by a 10.3 per cent rise in Utilities employment. Conversely, the Construction sector saw the largest job loss, shedding 2,200 positions, a drop of 11.4 per cent.
The services-producing sector reported a 1.4 per cent employment decrease, losing 1,500 jobs. Transportation and warehousing suffered the most significant percentage decline at 28.2 per cent, followed by Information, culture and recreation at 16.4 per cent and and Healthcare and social assistance at 8.3 per cent.
However, several service industries posted gains, including finance, insurance, real estate, rental and leasing as well as business, building and other support services. Accommodation and food services also posted gains.
While the drop in unemployment is an encouraging sign for the Stratford-Bruce Peninsula region, the declining labour force participation and sector-specific job losses indicate a shifting employment landscape that will require close monitoring in the months ahead, according to the Four County Labour Market Planning Board.