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Dashboard of Economic Indicators

Labour Market

  • Positive labour market changes continued into the second quarter of the year.
  • The quarterly average labour force increased by 3.7 per cent to approximately 894,400 persons.
  • This was outpaced by a 4.3 per cent increase in quarterly average employment (to reach approximately 836,600 positions) and as a result, Peel’s quarterly average unemployment rate fell 0.5 percentage points to 6.7 per cent.
  • This was the lowest quarterly average unemployment rate registered in Peel in any second quarter since Peel-specific quarterly labour market data became available in mid-2003.
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Data source – STATSCAN
  • The increase in employment observed in April – June 2018 represented the fourth consecutive increase in quarterly average employment in Peel’s labour market.
  • Higher employment was driven by growth in the adult (25 years and over) segments of the market where an additional 46,900 positions were created, all of which went to employees in the core age group 25 to 64 years.
  • However, the unemployment rate for adults (25 years and over) inched slightly higher as the entry of persons in that age cohort slightly exceeded the rate at which they were successful in finding employment.
  • Quarterly average employment among youth (15 – 24 years) fell by 10.6 per cent as both part-time (17.2 per cent) and full-time (3.5 per cent) employment were lower.
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Data source – STATSCAN
  • Other labour market indicators in Peel also registered improvements in the second quarter of 2018.
  • Peel’s overall quarterly average participation rate increased by 0.5 percentage points to 67.0 per cent.
  • Similarly, Peel’s overall quarterly average employment rate increased 0.9 percentage points to 62.5 per cent.
  • For the core working age group (25 to 64 years), both the quarterly average participation and employment rates improved, reaching multi-year highs of 83.7 per cent and 79.3 per cent respectively.
  • This is reflecting the ageing population observed in Peel Region.

Employment by Type

  • The increase in employment in April – June 2018 was driven by a 6.5 per cent growth in full-time employment, to 693,900 positions.
  • Total part-time position stood at 142,700 positions in the same quarter, down 5.2 per cent (7,900 positions) relative to the second quarter of 2017.
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Data source – STATSCAN

Employment by Sector

  • In April – June 2018, the service sector was the sole source of growth in quarterly average employment in Peel’s labour market.
  • Relative to the similar quarter of 2017, quarterly average employment in services increased by 6.4 per cent or by approximately 40,700 positions.
  • Quarterly average employment in the goods-producing sector fell by approximately 6,600 positions (-3.9 per cent) as employment in the largest sub-sector manufacturing, fell by approximately 22,000 positions (-18.2 per cent).
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Data source – STATSCAN
  • With these changes, the total number of persons employed in the goods-producing and service sector stood at approximately 160,600 persons and 675,900 persons respectively in April – June 2018.
  • In terms of shares, services increased its share of employment in Peel’s labour market to 80.8 per cent in April – June 2018, up from 79.2 per cent in the similar quarter of 2017.
  • Conversely, the share of employment accounted for by the goods-producing sector fell 1.6 percentage points to 19.2 per cent during the same period to continue its long-term trending down.
  • An important contributor to the shrinking labour market share of the goods-producing sector is the declining share of manufacturing employment.
  • In the second quarter of 2018, manufacturing employment accounted for 11.8 per cent of total employment, down from 15.0 per cent in the second quarter of 2017, and from a peak of 23.6 per cent in the second quarter of 2004.
  • This is a long-time shift in employment and not a surprising trend, as similar declining trend was observed in the number of manufacturing business establishment registered in Peel.

Labour Market July – September 2018

  • Broad labour market changes remained positive in July – September 2018.
  • When compared with the similar quarter of 2017, the changes were as follows:
    • The quarterly average labour force increased by 2.7 per cent to approximately 916,800 persons; and
    • Quarterly average employment increased by 1.6 per cent to approximately 847,900 positions.
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Data source – STATSCAN
  • The increase in employment in July – September 2018 marked as the fifth consecutive quarterly increase in Peel’s quarterly average employment.
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Data source – STATSCAN
  • This was supported by growth in full-time employment (2.9 per cent) in both the goods-producing (6.9 per cent) and service (0.2 per cent) sectors.
  • However, the proportionately stronger increase in the quarterly average labour force (persons entering the labour market) relative to the quarterly average employment (persons who were successful in finding employment) resulted in 1.0 percentage point increase in the quarterly average unemployment rate to 7.5 per cent in July – September 2018.
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Data source – STATSCAN
  • The higher average unemployment rate in Peel was the result of an increase in the unemployment rate in the adult 25 years and over age group, up by 1.5 percentage points to 6.4 per cent.
  • The unemployment rate for youth (15 – 24 years) fell from 15.0 per cent in July – September 2017 to 13.0 per cent in July – September 2018.