With fewer people looking for work, the London region’s unemployment rate edged down slightly in December.
Statistics Canada released new figures on Friday that show the jobless rate for the London Census Metropolitan Area was 5.8 per cent last month, down 0.1 percentage points from 5.9 per cent in November. It is the second straight month the number has declined.
However, just like in November, the December improved rate was partially attributed to fewer people in the job market. The local labour force dropped to 310,700 last month. In November it had been at 312,500, according to Statistics Canada. December’s participation rate, which reflects the percentage of working-age individuals employed or looking for work, fell to 64.8 per cent, from 65.3 per cent the previous month.
The London CMA, which includes St. Thomas, Strathroy, and other surrounding communities, shed 1,200 jobs in the last month of 2022.
Nationally, the unemployment rate went down 0.1 percentage points to 5 per cent, from November’s 5.1 per cent. That is just slightly above the record low of 4.9 per cent which was set in June. The economy added 104,000 jobs last month, largely in part to a surge in youth employment, Statistics Canada said.
In Ontario, 42,100 more people found jobs to bring the unemployment rate down to 5.3 per cent. The jobless rate in November was 5.5 per cent.
