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Dashboard of Economic Indicators

Labour Market

  • Labour market conditions in Peel continued to improve in the fourth (October – December) quarter of 2017 with positive changes in all key indicators.
  • When compared with the corresponding period of 2016, Peel’s quarterly average employment, which describes Peel’s working age residents in the labour market and who found jobs, rose by 11.3 per cent or by 86,300 persons to reach a total of 847,800 persons.
  • This represented the second consecutive increase in quarterly average employment in Peel.
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Data source – STATSCAN
  • Over the same time, other prime labour market indicators in Peel also registered improvements as follows:
    • Quarterly average labour force (persons in the labour market and who are employed, as well as those looking for work) increased by 9.6 per cent to approximately 898,600 persons;
    • Peel’s quarterly average unemployment rate fell to a fourth quarter multi-year low of 5.7 per cent;
    • Peel’s quarterly average participation rate increased by 2.4 per cent to 67.8 per cent; and
    • Similarly, Peel’s quarterly average employment rate increased 3.2 percentage points to 63.9 per cent.
  • At 5.7 per cent, the quarterly unemployment rate in October – December 2017 was the lowest fourth quarter unemployment rate in Peel since a rate of 5.5 per cent in 2007.
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Data source – STATSCAN
  • Higher levels of employment were recorded in both the youth (15 – 24)2 and adult (25 years and over) segments of the market.
  • Quarterly average employment among youths increased by 15.9 per cent, while the quarterly average labour force (net entry into the labour market) increased by 14.5 per cent.
  • The increase in quarterly average employment (those who found jobs) increased at a stronger pace than the net entry of persons in the labour market resulting in 0.9 percentage points decline in the youth unemployment rate from 14.3 per cent in the October – December 2016 to 13.4 per cent in October – December 2017.
  • This was the lowest fourth quarter quarterly average youth unemployment rate in Peel in nine years.
  • In the adult segment of the market, the quarterly average labour force (number of persons who were in the working or searching for work) increased by 8.8 per cent or by 62,600 persons to reach approximately 774,000 persons.
  • During the same period, the number of adults who were working (quarterly average employment) increased at a faster pace of 10.7 per cent or 71,600 persons, to reach 739,900 persons.
  • Reflecting the stronger growth in quarterly average employment relative to the growth in the quarterly average labour force, the quarterly average unemployment rate for adults fell from 6.1 per cent in October – December 2017 to 4.4 per cent in October – December 2017.
  • This was the lowest fourth quarter quarterly average unemployment rate for adults in ten years.
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Data source – STATSCAN

Employment by Type

  • In October – December 2017, the increase in quarterly average employment in Peel’s labour reflected growth in both part-time and full-time positions.
  • Average quarterly part-time employment led growth with an increase of 26.0 per cent, or an increase of 30,000 positions.
  • However, the number of part-time positions created during the same period was 56,300, well above the number of part-time positions added.
  • However, given the larger size of full-time employment, the corresponding change lagged that of part-time employment at 8.7 per cent.
  • In October – December 2017, total full-time positions in Peel’s labour market stood at approximately 702,400 positions while total part-time positions stood at approximately 145,400 positions.
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Data source – STATSCAN

Employment by Sector

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Data source – STATSCAN
  • In the fourth quarter of 2017, the service sector remained the prime source of growth in quarterly average employment in Peel’s labour market.
  • Relative to the similar quarter of 2016, quarterly average employment in services increased by 14.6 per cent or by approximately 85,500 positions, which accounted for 99 per cent of the new positions added.
  • The goods-producing sector added 900 positions representing an increase of 0.5 per cent.
  • With these changes, the total number of persons employed in the goods-producing and service sector stood at approximately 175,500 persons and 672,400 persons respectively in the final quarter of 2017.

Annual changes

  • The positive performance registered in Peel’s labour market in October – December 2017 was the second consecutive quarter in which labour market changes were positive.
  • These changes outweighed the weakness observed in the labour market during the first two quarters of the year, resulting in another annual growth in Peel’s labour market in 2017.
  • In 2017, Peel’s total labour force increased by 2.1 per cent or 17,700 persons to 872,600 persons.
  • Total employment increased at a faster pace of 2.5 per cent or approximately 19,900 persons.
  • The number of persons who classified as unemployed (in the labour market and still looking for work) fell by 3.7 per cent or by 2,300 persons and Peel’s annual average unemployment rate fell from 7.3 per cent in 2016 to 6.9 per cent in 2017.
  • This was the lowest annual average unemployment rate in Peel since 2008.
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Data source – STATSCAN

2 Referred to as youths in the remainder of this report.