Across Canada, labour market conditions weakened in November with unemployment rates increasing and layoffs on the rise compared with a year ago. The softer job market conditions come as high interest rates weigh on economic growth and a ballooning population adds to the number of people looking for work. Toronto bucked the national trend with our unemployment rate actually declining from 6.5% to 6.3%.
Toronto’s Labour Market Faces Headwinds
In October, Toronto’s unemployment rate rose to 6.6 per cent last month as job opportunities became somewhat less scarce in an economy being weighed down by high interest rates and uncertainty.
Toronto Employment Rates Stay Steady
JobsTO Labour Lowdown. September 2023 While Toronto CMA’s employment rate marginally improved in September there was a slight decline in both the employment and participation rates. Employment increased among core-aged (25 to 54 years) women and men while little changed
Employment Continues to Show Strength
Employment rates in Toronto held steady for a second consecutive month in August according to Statistics Canada with the employment rate declining by 0.3% to 67%. Across Canada, on a year-over-year basis, average hourly wages rose 4.9% (+$1.56 to $33.47) in August, following an increase of 5.0% in July. Total hours worked were up by 0.5% in August and by 2.6% on a year-over-year basis.
Employment Continues to Show Strength
Toronto’s labour market continued to show signs of resilience and strength during July. Toronto’s rate of unemployment remained stable as it rose slightly to 6.1 percent. The participation rate (those working or actively looking for work) remained at 68 percent, well above pre-pandemic levels. Economists note that an increase in the number of people participating in the labour force has positive impact on the overall economy.
Toronto Continues to See Employment Gains. But New Data Indicates Visible Minorities Hardest Hit by COVID in Canada
Employment in the Toronto Census area increased by 2.2% in July. This was the same rate of increase as the province, despite the loosening of the COVID-19 restrictions occurring later in Toronto than in most other regions in the province. Employment in Toronto has reached 89.9% of its February 2020 level.
Toronto Reclaims Almost 200,000 Jobs
In June, according to the latest release from Statistics Canada’s Labour Force Survey, Toronto CMA reclaimed almost 200,000 jobs which were lost due to the coronavirus pandemic.
Job Postings Remain Static as Toronto Moves Towards Phase 2
Overall job postings for the period of May 30 to June 12th remained relatively static and have plateaued since late May. Postings are averaging between 2,200 and 2,500 per week.
Employment Numbers Continue to Slide but Job Postings Increase
According to Stats Canada’s May Labour Force Survey (LFS), Toronto CMA has now lost over 500 thousand jobs in the last three months since the COVID-19 pandemic was declared.
Toronto Job Market Begins Recovery
After two months of steep declines in total on-line job postings, data collected over the past two weeks suggest that there is reason to be cautiously optimistic about the Toronto job market.