Canadian Personal Finance Blog

Whoo Hoo Unemployment down to 6.1% in Ontario

Whoo Hoo!!! Yes the stats Canada boys have published their employment numbers and unemployment has dropped to a 30 year low of 6.1%. This is a good thing for those of us who might end up unemployed, I think.

In Ontario, employment increased by an estimated 42,000 in December, bringing total gains for the year to 1.8% (+113,000). Most of this province’s employment gains in 2006 were in the service sector, including health care and social assistance, trade and “other services”, while declines in manufacturing continued. Since the peak in November 2002, manufacturing declines in the province have totaled 130,000 (-11.6%). Although a substantial loss, this is still only half of the previous decline of the early 1990s recession, when factory employment in Ontario fell by 24.4% (-260,000).

Unlike the national trend towards more full-time gains in 2006, almost two-thirds of Ontario’s employment increases were in part time. The unemployment rate for this province ended the year at 6.1%, similar to the rate of 12 months ago.

Interesting, so blue collar jobs continue to decline, as are full time jobs, more part time jobs. So is the situation that many people are full part time (where they have 2 or 3 part time jobs)? Interesting.

And the lowest unemployment rate is in…. Alberta, of course! The new land of milk and honey in Canada, at least, to the point that companies in the Atlantic region are offering employees bonuses to “stay” for 3 months more (and not go to Alberta). Interesting.

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