In the third quarter (July – September) of 2016, and for the seventh consecutive quarter, changes in key labour market indicators in Peel were positive.
Compared with July – September 2015, positive changes in Peel's labour market in July – September 2016 included the following:
Quarterly average labour force increased by 1.6 per cent to 880,100 persons; and
Quarterly average employment increased by 1.1 per cent to 804,500 persons, buoyed by growth in employment in the goods producing sector and growth in both full-time and part-time employment.
Peel's quarterly average unemployment rate increased from 8.2 per cent in the third quarter of 2015 to 8.6 per cent in July – September 2016 reflecting a stronger increase in the number of Peel's residents entering the labour market than the increase in those who were successful in finding employment.
Employment by sector
The growth in quarterly average employment was supported by higher levels of employment in goods producing industries, up 11.7 per cent to reach approximately 171,500 positions.
While changes in Peel's labour market remained positive in the third quarter of 2016, the increase in employment observed during that quarter was the slowest since the rebound in Peel's labour market started in the first quarter of 2015.
Notwithstanding this, Peel's labour market is poised to register another year of labour market growth in 2016.
Fourth Quarter 2016
In the fourth quarter of 2016, conditions in Peel's labour market deteriorated:
Average quarterly labour force fell by 45,600 persons, or by 5.3 per cent to register its first decline in nine quarters;
Similarly, average quarterly employment fell by 45,800 positions or by 5.7 per cent to also register its first decline in nine quarters; and
Reflecting a proportionately greater decline in average quarterly employment relative to the decline in average quarterly labour force, the quarterly average unemployment rate in Peel inched up from 6.8 per cent in October – December 2015 to 7.1 per cent in October – December 2016.
However, reflecting the sustained labour market improvement during the first three quarters of the year, labour market conditions in Peel for the full year 2016 improved relative to 2015.
For the full year 2016, there was an additional 37,200 Peel residents who entered the labour market, 38,000 residents were successful in finding employment, and as a result, Peel's unemployment rate continued to fall, moving from 7.7 per cent in 2015 to 7.3 per cent.
At 7.3 per cent, Peel's unemployment rate was at the lowest level since 2008 when the unemployment rate was 6.6 per cent.