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Dashboard of Economic Indicators

Positive changes in most of Peel’s tracked economic indicators in 2016

Labour Market

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Data source – STATSCAN
  • In the final quarter (October – December) of 2016, conditions in Peel’s labour market deteriorated.
  • When compared with the final quarter of 2015, there was a net withdrawal of residents from the labour market as reflected in a lower quarterly average labour force, and there was a decline in the number of Peel residents who were working (quarterly average employment).
  • Specifically:
    • The quarterly average labour force declined by 5.3 per cent to 820,200 persons;
    • Quarterly average employment declined by 5.7 per cent to 761,500 persons; and
    • Peel’s quarterly average unemployment rate increased from 6.8 per cent in October – December 2015 to 7.1 per cent in October – December 2016.
  • The decline in quarterly average employment observed in Peel’s labour market in October – December 2016 was the first in nine quarters and was fairly broad-based across the labour market.

Employment by type

  • There were declines in both full-time and part-time employment in Peel’s labour market during October – December 2016:
    • Quarterly average full-time employment fell by 4.6 per cent to approximately 646,100 positions; and
    • Quarterly average part-time positions declined by 11.2 per cent to approximately 115,400 positions.
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Data source – STATSCAN

Employment by age

  • The decline in Quarterly average employment affected the two major employment cohorts.
  • In the adult (25 years and over) age group category, both average quarterly labour force (-4.7 per cent) and employment (-4.6 per cent) fell.
  • With similar rates of decline in the average quarterly labour force and employment, the unemployment rate for adult (25 years and over) remained steady at 6.1 per cent.
  • The quarterly average labour force and employment for youth (15 – 24 years) also declined.
  • However, the quarterly average labour force declined at a slower 8.7 per cent, relative to the 12.5 per cent fall in employment resulting in an increase in the unemployment rate for youth (15 – 24 years) from 10.7 per cent in October – December 2015 to 14.3 per cent in October – December 2016.

Employment by sector

  • The decline in quarterly average employment In October – December 2016 was solely a result of lower employment in the service sector.
  • Average quarterly employment in services fell by 10.2 per cent to approximately 587,000 positions.
  • The service sector is the larger of the two major sectors, accounting for over 75.0 per cent of employment in Peel’s labour market.
  • As a result, the decline in the service outweighed a 13.6 per cent increase in quarterly average employment in the goods producing sector to result in the 5.7 per cent decline observed in Peel.
  • In October – December 2016, the quarterly average employment in the goods producing sector was approximately 175,000 persons.
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Data source – STATSCAN

Annual changes for 2016

  • While there was deterioration in labour market conditions in the final quarter of 2016, growth in the first three quarters of the year supported Peel’s labour market to another year of growth.
  • For the full year 2016:
    • Total labour force increased by 4.5 per cent to 854,900 positions;
    • Total employment increased by 5.0 per cent to 792,600 positions; and
    • Peel’s annual average unemployment declined from 7.7 per cent in 2015 to 7.3 per cent in 2016, its lowest level in eight years.
  • Growth characterized changes across Peel’s labour market:
    • Total full-time employment increased by 4.4 per cent, and total part-time employment rose by 8.8 per cent;
    • Total employment in both the goods producing sector (11.8 per cent) and the service sector (3.3 per cent) increased; and
    • There were higher employment levels in both the adult (25 years and over) and youth (15 – 24 years) segment of Peel’s labour market, up by 5.3 per cent and 3.2 per cent respectively.
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Data source – STATSCAN

Population Change | Existing Home Sales | Manufacturing Production
Business Establishments | Business Bankruptcies | OW Caseloads | Taxable Assessment
Value of Building Permits | Residential Housing Starts | Labour Market
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