London-area jobless rate hits lowest level since March 2020
THE UNEMPLOYMENT RATE in London area has hit its lowest level since the beginning of the pandemic and has also posted a sharp drop from last month.
According to Statistics Canada, February’s jobless rate for the region stands at 6.9 per cent, down from 7.7 per cent in January and almost half of its June peak of 12.6 per cent.
This marks the eighth straight month of job gains in the region.
Stats Can says 4,000 jobs were added to the London Census Metropolitan Area in February, a catchment which includes St. Thomas, Strathroy and other surrounding communities. The labour force grew by 1,700 and 2,300 fewer people claimed unemployment.
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The participation rate, which measures the proportion of the working-age population that is working or looking for work, climbed to 63 per cent from 62.7 per cent.
One year ago, before a pandemic was declared, the local jobless rate sat at 4.9 per cent.
Nationally, Statistics Canada says the economy added 259,000 jobs in February, almost wiping out losses sustained over the previous two months.
The national unemployment rate fell to 8.2 per cent, the lowest level since March 2020 at the onset of the pandemic, and down from the 9.4 per cent recorded in February.