Latest Job Report! Ontario's Unemployment Rate Increased to 5.9%
In August 2023, Ontario’s unemployment rate increased to 5.9%. This change may offer opportunities for immigrants seeking jobs in the province.
Employment Statistics for August 2023
In August 2023, Ontario had 7,940,000 employed individuals, slightly down from 7,949,300 in July 2023. The rise in Ontario’s unemployment rate is due to a larger working-age population (15 and older) with minimal employment growth.
Unemployment Trends in Other Provinces
Unemployment rates also rose in Manitoba, Saskatchewan, New Brunswick, and Newfoundland and Labrador in August 2023. Conversely, Alberta, British Columbia, Quebec, and Prince Edward Island saw declines in their unemployment rates.
Unemployment Rate in Toronto
Toronto now has the highest unemployment rate among Montreal, Toronto, and Vancouver, collectively known as MTV, standing at 6.6%.
Employment Sector Changes
Employment increased in professional, scientific, and technical services by 52,000 (2.8%) and in construction by 34,000 (2.2%). Conversely, educational services decreased by 44,000 (-2.9%), and manufacturing dropped by 30,000 (-1.6%).
Changes in Self-Employment
Self-employment increased by 50,000 (1.9%) in August, marking the first significant rise in nine months.
Demographic Employment Trends
Employment for individuals aged 25 to 54 increased by 33,000 (+0.5%) for men and 21,000 (+0.3%) for women. Employment among women aged 55 and older decreased by 27,000 (-1.3%). Female youth employment increased by 32,000 (+2.4%), while male youth employment decreased by 29,000 (-2.1%).
Challenges for Job Seekers
Statistics Canada reported that 57.8% of those unemployed in July remained unemployed in August, indicating that job seekers may face greater challenges than in the past.
Job Market Stability
In August 2023, the job-changing rate was 0.4%, lower than the peak of 0.8% in January 2022 and the 0.7% average from 2017 to 2019 before the COVID-19 pandemic. This suggests that workers may be settling into their current positions or that the job market is less favorable for job seekers.
Youth Employment Trends
For young adults aged 15 to 24, 0.8% changed jobs in August 2023, lower than the 1.6% average from 2017 to 2019.
Unemployment Rate Across Canada
As of August 2023, Canada’s overall unemployment rate is 5.5%.
Provincial Unemployment Rates
Quebec has the lowest unemployment rate in Canada at 4.3%, followed by British Columbia at 5.2% and Saskatchewan at 5.4%. The highest unemployment rates are found in Atlantic provinces, with Newfoundland and Labrador at 8.9%, New Brunswick at 7.7%, and Prince Edward Island at 7.6%. Ontario’s unemployment rate is 5.9%, while Alberta and Manitoba both have rates of 5.7%.