Overall the unemployment rate in Sault Ste. Marie dropped slightly to 5.9% and overall employment increased. Participation and Employment rates also increased in June. This is increase typical (and welcome) as we there are an increased number of seasonal employment opportunities in the summer months.
Comparing July 2022 to July 2020 (COVID restrictions began in March 2020), overall employment is up by 16%.
Well all of this is good news, there is the possibility of job losses coming associated with a slowdown in the economy (recession). If increases in interest rates and prices cause a slowdown in consumer spending, then we would expect to see the first signs of impact on employment in the retail, accommodation and food services sectors – the same sectors most impacted by COVID restrictions.
Sault Ste. Marie’s unemployment rate in July was 5.9%, down from 6.6% in June.
o Sault Ste. Marie’s unemployment rate in July 2022 was 5.9% (Canada 4.9%, Ontario 5.3%)
o This represents a slight decrease from 7.3% in March 2022, and much lower than the recent high of 9.3% in Sept 2021.
o Previous to COVID restrictions in March 2020, the unemployment rate was 5.1% and then climbed significantly during the pandemic.
o The national and provincial rates also spiked due to COVID restrictions, fell steadily in 2021 and have risen in recent months.
o Unemployment remains high for those 15-24 years of age who are looking for work.
Sault Ste. Marie’s Participation and Employment Rates both increased in July 2022.
o Sault Ste. Marie’s increase in Participation Rate in conjunction with a decrease in unemployment, means that more people are entering the job market and finding work.
o Higher Participation and Employment rates should help employers with challenges filling open positions.
Overall employment continued to rise to 41,500 jobs in July.
o Employment in most sectors increased in July, with significant gains in Health Care, Recreation and Public Admin jobs. Employment in Manufacturing and Education dropped (Education will employment will pick up in September).
o Comparing July 2020 to July 2022, Sault Ste. Marie is up 16% in overall employment – higher than the pre-pandemic level of employment.
Job postings continue to be strong for Sault Ste. Marie.
o The number of Job postings in July 2022 are double the July 2021 postings.
o We continue to see strong demand in Healthcare, Home Support Workers, Retail and Restaurants.
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