Ontario employment growth slows, unemployment rate rises to 7%, the highest in a decade!
According to a recent report released by Ontario's fiscal oversight body, Ontario's employment growth remained at a "moderate" level in 2024 but failed to keep pace with the growth of the job-seeking population.
The report from the Office of the Financial Accountability Officer of Ontario pointed out that new jobs continued to be created throughout the province in 2024, but the growth rate has clearly slowed down compared to the record-breaking years in the past.
The unemployment rate across the province significantly rose to 7%, increasing considerably from 5.6% the previous year. Apart from the pandemic period, this figure is the highest since 2014.
The report stated that the number of unemployed people increased across the province, but the Kitchener-Cambridge-Waterloo region, as Ontario's tech hub, remains the fastest-growing area for employment.
A spokesperson for the Ministry of Economic Development, Employment and Trade said the government is still "focused on driving employment growth," noting that despite the growing global economic uncertainty, 55,000 jobs were still created this year. "We are working hard to ensure that Ontario continues to be the best destination for business investment, expansion, and the creation of high-paying jobs," they added.
The report also showed that the average hourly wage increased by 5.2% to CAD 36.44 per hour, more than twice the inflation rate during the same period.
However, there were differences in employment performance across different age groups. The employment rate for the 15-to-24-year-old group dropped by 0.6%.
Source: https://www.toutiao.com/article/1830320605948928/
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