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The London area’s unemployment rate dropped by the slightest of margins in June, the result of fewer people looking for work, the latest snapshot of the labour market shows.
The jobless rate for the wider region, which includes St. Thomas, Strathroy and portions of Elgin and Middlesex counties, was 6.2 per cent last month, down from May’s 6.3 per cent, Statistics Canada reported Friday.
The drop came even as the region shed about 1,400 jobs because its labour force – the number of people working or looking for work – also had about 1,000 fewer people job-hunting in June.
In total, 314,200 people were employed last month, Statistics Canada said.
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The less-than-stellar report comes as no surprise as the Canadian economy continues to grapple with the fallout of high interest rates while the Bank of Canada tries to bring inflation down to its two-per-cent target.
A recent forecast by the Conference Board of Canada, a major economic think-tank, projected London’s gross domestic product would be 1.1 per cent in 2024, down from last year’s 3.2 per cent (Canada’s best in 2023).
Though the area economy is projected to be among the top-performing in the years to come, 2024 will be a year marked by slower growth amid challenging economic conditions, the think-tank has reported.
In June, however, London’s unemployment rate remained below the provincial and national figures.
Ontario’s jobless rate rose to seven per cent from May’s 6.7 per cent as more Ontarians searched for work, Statistics Canada reported.
“The unemployment rate in Ontario has risen 1.9 percentage points from its recent low of 5.1 per cent in April 2023,” the federal agency said.
Nationally, Canada’s unemployment rate went up in June to 6.4 per cent from May’s 6.2 per cent.
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