Total number of working age residents who are willing, able and available for work but not working, as a percentage of total residents of working age who are willing, able and available for work.
- In Q1 2021, Peel’s quarterly average overall unemployment rate was 11.9 per cent, up from 6.0 per cent in Q1 2020.
- Higher unemployment rates for both youth (15 – 24 years) and adults (25 years and over) supported the increase in the overall rate.
- Peel’s quarterly average unemployment rates have fallen since peaking in Q3 2020 and are expected to decline throughout 2021, but as is typical after an economic downturn, will remain elevated.
Peel’s overall quarterly average unemployment rate almost doubled from 6.0 per cent in Q1 2020 to 11.9 per cent in Q1 2021. This was the highest first-quarter overall unemployment rate recorded in Peel since Peel-specific quarterly data became available in 2003.
The most significant increase was observed in the youth (15 – 24 years) segment of the market where the unemployment rate increased from 13.7 per cent in Q1 2020 to 27.4 per cent in Q1 2021.
The unemployment rate for adults (25 years and over) also increased over the same period from 4.9 per cent to 9.6 per cent, respectively.
Peel’s unemployment rates increased at the onset of the COVID-19 pandemic in 2020 but have retreated from record quarterly rates reached in Q3 2020.
Rates are expected to continue to decline, although remaining elevated throughout 2021 and in the medium term.