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London’s labour market ended 2024 with mixed results, adding about 400 new jobs while its jobless rate jumped to seven per cent in December, Statistics Canada reported Friday.
It’s a level of unemployment that, excluding the COVID-19 pandemic years, has not been seen in the region since August 2016, when the unemployment rate sat at 7.3 per cent.
December’s big increase, from November’s 6.5 per cent, was largely the result of more people looking for work as the population grows for the London region, which also includes Strathroy, St. Thomas, and portions of Middlesex and Elgin counties.
According to Statistics Canada figures, for instance, the region’s workforce – the number of people working and looking for work – grew by about 2,300 people last month, almost six times the number of new jobs created in December.
In total, 313,500 were employed last month.
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At seven per cent, London’s jobless rate sat above Canada’s 6.7 per cent but still below Ontario’s 7.5 per cent.
Given that Statistics Canada uses a three-month moving average for cities and metropolitan areas, December figures bring London’s labour market performance closer to the provincial trends. Ontario’s jobless rate rose in 2024 amid tough economic conditions.
Key among them is higher interest rates, meant to bring inflation down.
At the provincial level, Ontario created 23,000 new jobs in December after two months of little job gains.
Overall, the province created about 205,000 jobs in 2024 but saw its jobless rate hit 7.5 per cent to end 2024, compared to 6.3 per cent to end 2023.
London-area jobless rate, over the past year
- December 2023: 5.5 per cent
- January 2024: 5.7 per cent
- February 2024: 5.9 per cent
- March 2024: 6.4 per cent
- April 2024: 6.4 per cent
- May 2024: 6.3 per cent
- June 2024: 6.2 per cent
- July 2024: 6.5 per cent
- August 2024: 6.5 per cent
- September 2024: 6.4 per cent
- October 2024: 6.4 per cent
- November 2024: 6.5 per cent
- December 2024: 7 per cent
jjuha@postmedia.com
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