In this article, we’ll break down the key findings from the report, providing a clear and easy-to-understand analysis.
Ontario’s Unemployment Rate Edges Up to 5.9%
The August 2023 jobs report shows that there is a slight increase in Ontario’s unemployment rate, ticking up to 5.9% from the previous month’s 5.6%.
This uptick marks a 1% rise since April 2023 when the rate was at 4.9%. Importantly, Ontario’s current unemployment rate now sits just above the national average of 5.5%.
The total employment in Ontario during August 2023 stood at 7,940,000, showing a modest dip of 0.1% compared to July’s figure of 7,949,300.
Read More: Most In-Demand Jobs in Ontario For 2023
Comparing Across Provinces
Let’s put Ontario‘s numbers into perspective by comparing them to other provinces:
|Province||Unemployment Rate (August 2023)||Monthly Change|
|Canada (National)||5.5%||No Change|
|Ontario||5.9%||Up by 0.3%|
|Alberta||5.7%||Down by 0.4%|
|British Columbia||5.2%||Down by 0.2%|
|Manitoba||5.7%||Up by 0.8%|
|Saskatchewan||5.4%||Up by 0.3%|
|Quebec||4.3%||Down by 0.2%|
|Prince Edward Island||7.6%||Down by 0.5%|
|New Brunswick||7.7%||Up by 1.5%|
|Newfoundland and Labrador||8.9%||Up by 0.2%|
Toronto’s Unemployment Rate Tops Major Cities
Among the three major metropolitans collectively known as MTV (Montreal, Toronto, Vancouver), Toronto now leads the pack with the highest unemployment rate, which stands at 6.6%.
|Metropolitan Area||Unemployment Rate (August 2023)|
Exploring Employment Sectors
The jobs report highlights positive developments in specific industries. Employment in professional, scientific, and technical services saw a healthy increase of 52,000 jobs, marking a significant rise of 2.8%.
The construction sector also witnessed growth, with 34,000 new jobs created, reflecting a 2.2% increase.
On the flip side, the report revealed declining employment numbers in certain sectors. Educational services experienced a notable decrease of 44,000 jobs, representing a 2.9% drop. Similarly, the manufacturing sector saw a decline of 30,000 jobs, marking a 1.6% decrease.
Challenges for Job Seekers
- Job Seekers: A noteworthy 57.8% of individuals who were unemployed in July remained without work in August. This suggests that job seekers may be encountering more difficulty finding employment compared to the previous year.
- Job-Changing Rate: The rate of employees switching jobs between months was relatively low at 0.4%. This is less than the peak rate of 0.8% observed in January 2022 and the 0.7% average recorded from 2017 to 2019 before the COVID-19 pandemic.
- Youth Employment: Female youth employment showed a positive trend, increasing by 2.4%. However, male youth employment declined by 2.1% in August 2023.
Canada’s Overall Unemployment Rate
Across the nation, Canada’s overall unemployment rate stands at 5.5% as of August 2023. This number provides a broad perspective on the country’s employment landscape.
Some provinces are faring better than others when it comes to unemployment:
- Lowest Unemployment Rates: Quebec boasts the lowest unemployment rate at 4.3%, followed by British Columbia at 5.2% and Saskatchewan at 5.4%.
- Highest Unemployment Rates: The Atlantic provinces, including Newfoundland and Labrador (8.9%), New Brunswick (7.7%), and Prince Edward Island (7.6%), face the highest unemployment rates. Ontario sits at 5.9%, with Alberta (5.7%) and Manitoba (5.7%) also above the national average.
Read More: How to Find Jobs in Canada
The August 2023 jobs report by Statistics Canada provides valuable insights into the employment landscape in Ontario and across Canada. While some provinces are seeing improvements, challenges persist in others. Job seekers should stay informed about these trends to make well-informed decisions in their job search journey.