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June 25, 2013

Toronto's unemployment rate at its lowest level in more than four years
  
Toronto's unemployment rate has fallen consistently over the last year, reaching its lowest level in more than four years according to the City’s latest Economic Dashboard report, presented at today's meeting of the Economic Development Committee.

"Since December 2010, we've been focused on creating conditions to boost employment in our city - and that focus is paying off," said Mayor Rob Ford. "After a prolonged period of moving sideways, the unemployment rate in Toronto is noticeably dropping. Toronto has experienced positive job growth for three years in a row. Toronto's not only open for business, we're ready for business."

Statistics Canada's seasonally adjusted monthly employment data indicates that Toronto's current unemployment rate was 8.2 per cent in May 2013, which is 1.7 per cent lower than it was a year ago at this time. The last time Toronto's unemployment level was this low was in December 2008, when Statistics Canada reported the unemployment rate at 8.13 per cent.

The City of Toronto's 1.7 per cent unemployment rate decline over the last year is greater than Canada's unemployment rate decline (0.3 per cent), Ontario's (0.5 per cent) and the "905" area (0.9 per cent). Toronto's unemployment rate remains higher than the national average of 7.1 per cent.

The Economic Dashboard, again using Statistics Canada data, also showed a strong change in Toronto's labour force participation rate, which has increased from 64.3 per cent to 67.5 per cent over the last 18 months. The last time Toronto's seasonally adjusted monthly labour force participation rate was where it is today was in December 1991.

Over the last seven months, the seasonally adjusted three month average participation rate for city residents has remained above the Canadian and Ontario rates. The last time the participation rate for city residents was higher than all Ontario residents was also 1991.

"A falling unemployment rate and a higher labour participation rate indicate that the city's businesses are creating new jobs in the city," said Councillor Michael Thompson (Ward 37 Scarborough Centre), Chair of the Economic Development Committee. "We are confident that the City of Toronto’s new economic growth plan will reinforce and accelerate these positive trends going forward."

The Economic Dashboard reports on Toronto's economy from international, national and local perspectives, based on statistics compiled from multiple sources. The Economic Dashboard and additional economic indicator information for the City of Toronto is available at: http://www.toronto.ca/economicindicators.

City Council has endorsed a new economic growth plan, Collaborating for Competitiveness - A Strategic Plan to Accelerate Economic Growth and Job Creation in Toronto. This plan sets targets for improving the quality of jobs in Toronto and commits to harmonizing the policies/activities of the City of Toronto and its agencies to help create a more attractive climate for business and investment. More information is available at http://www.toronto.ca/business.

Toronto is Canada's largest city and sixth largest government, and home to a diverse population of about 2.8 million people. Toronto's government is dedicated to delivering customer service excellence, creating a transparent and accountable government, reducing the size and cost of government and building a transportation city. For information on non-emergency City services and programs, Toronto residents, businesses and visitors can dial 311, 24 hours a day, 7 days a week.

Media Contact
Shane Gerard, Senior Communications Coordinator
Strategic Communications
416-397-5711
sgerard@toronto.ca

 

 

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