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Dashboard of Economic Indicators

Labour Market

  • Peel’s labour market registered year-over-year improvements in the first (January – March) and second (April – June) quarters of 2018.
  • Between the first quarter of 2017 and the first quarter of 2018, changes in broad labour market indicators were as follows:
    • Quarterly average labour force2 increased by 4.7 per cent to approximately 873,800 persons;
    • Quarterly average employment3 increased by 7.0 per cent to approximately 819,000 positions as both full-time (6.8 per cent) and part-time positions (8.0 per cent) increased, all in the service sectors (13.1 per cent);
    • The increase in quarterly average employment benefitted both youth (15 – 24 years) and adults (25 years and over), where respective increases of 1.7 per cent and 7.8 per cent were recorded; and
    • Average quarterly unemployment rate declined by 2.0 percentage points to 6.3 per cent, representing the lowest first quarter unemployment rate since 2006.
  • Positive labour market changes continued into the second quarter of the year.
  • 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.
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Data source – STATSCAN
  • 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.

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

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Data source – STATSCAN
  • 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).
  • 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 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.

2 The labour force describes working age residents who are either employed or looking for work.
3Employment refers to the number of residents who were successful in finding employment.