The strong positive quarterly changes observed in Peel’s labour market since the start of 2015, continued through to the final quarter of the year.
In the final quarter of the year, all major labour market indicators improved relative to those registered in the similar quarter of 2014 as follows:
The quarterly average labour force increased by 28.3 per cent, to 865,800 persons;
The quarterly average employment increased at a faster pace of 30.8 per cent to 807,300 persons, and
The quarterly average unemployment rate declined from 8.5 per cent in October – December 2014 to 6.8 per cent in October – December 2015, representing the lowest quarterly average unemployment rate since the fourth quarter of 2008.
The reduction in Peel’s quarterly unemployment rate in October – December 2015 reflected lower rates in both the youth (15 – 24 years) and adult (25 years and over) segments of the market.
In the youth (15 – 24 years) segment of the market the quarterly average unemployment rate declined by 6.8 percentage points from 17.5 per cent in the fourth quarter 2014 to 10.7 per cent in the fourth quarter of 2015.
This relatively large reduction in the unemployment rate for youth (15 – 25 years) resulted from the fact that there was a much stronger increase in the number of youth (15 – 24 years) who found jobs relative to the number of youth (15 – 24 years) who entered the labour market in search of work.
This meant that there were less youth (15 – 24 years) who were unsuccessful in their job search during the quarter.
The quarterly average unemployment rate for the adult 25 years and over also fell, but by a smaller magnitude (0.9 percentage points), moving from 7.0 per cent in October – December 2014 to 6.1 per cent in October – December 2015.
The decline in the unemployment rate among adult (25 years and over) also reflected a greater level of success in finding work relative to the increase in the number of persons entering the labour market in search of work.
When compared with the corresponding quarter of 2014, the increase in quarterly average employment in the fourth quarter of 2015, was one of the strongest ever observed in Peel’s labour market, and was supported by an increase in employment in both the goods producing and service sectors, and by both full-time and part-time positions.
Sectoral growth was led by the service sector, where the quarterly average employment jumped by 31.3 per cent over that registered in the fourth quarter of 2014.
All service sub-sectors, except information, culture and recreation, recorded higher employment levels.
The strongest growth was recorded in the sub-sectors transportation (up 91.1 per cent) and other services (up 69.7 per cent).
The quarterly average employment in the goods producing sector also supported the overall growth observed by increasing its employed labour force by 28.5 per cent.
Employment in manufacturing was the main contributor to this increase, up 73.5 per cent.
Quarterly average full-time employment grew by 33.7 per cent to lead employment growth in October – December 2015.
From a quarterly average employment level of approximately 506,000 in October – December 2014, quarterly average full-time employment jumped to approximately 677,000 in October – December 2015.
Quarterly part-time employment in Peel’s labour market supported growth with an increase of 17.7 per cent over the same period to reach approximately 130,000 positions.