Toronto’s labour market conditions have now cooled considerably from where they were a year ago. Although the unemployment rate ticked slightly lower to 8.2%, the decline can be attributed fewer individuals participating in the labour force which declined by 0.8% from May. Particularly striking are the nearly 100,000 jobs lost since June of last year. There are, however, some positive signals in anticipation of further interest rate cuts.
June Labour Lowdown
Employment Conditions Improve in May
After months of lagging behind other regions of Canada in job creation, Toronto led the country by adding over 30,000 jobs in May. Unemployment ticked lower to 8.3% while the employment rate increased from 60.4% from 59.8%. Unfortunately, Toronto’s unemployment rate of 8.3% remains well above the national average of 6.2%.
March Labour Lowdown
Across Canada, labour market conditions largely held with the employment numbers holding steady along with unemployment rates. Unfortunately, the Toronto labour market did not fare as well as the rest of Canada. The unemployment rate in Toronto increased 1.7 percentage points to reach 7.5% in March.
February Labour Lowdown
Toronto’s unemployment rate jumped to 8.2% last month, an increase of 0.7% from January 2024. The employment rate dipped by 0.4% to 59.8% while labour force participation rates stood steady at 65.2%. Statistic Canada notes that the increase in unemployment
Toronto’s Labour Market One of Few Bright Spots
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.