Overall the unemployment rate in Sault Ste. Marie dropped slightly to 6.6% 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 June 2022 to June 2020 (COVID restrictions began in March 2020), overall employment is up by 17%.
Well all of this is good news, there is the possibility of job loses coming associated with a slow down in the economy (recession). If increases in interest rates and prices cause a slow down 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.
Highlights:
- Sault Ste. Marie’s unemployment rate in June was 6.6%, down slightly from 6.7% in May.
- Sault Ste. Marie’s unemployment rate in June 2022 was 6.6% (Canada 4.9%, Ontario 5.1%)
- This represents an slight decrease from 7.3% in March 2022, and much lower than the recent high of 9.3% in Sept 2021.
- Previous to COVID restrictions in March 2020, the unemployment rate was 5.1% and then climbed significantly during the pandemic.
- The national and provincial rates also spiked due to COVID restrictions, fell steadily in 2021 and have risen in recent months.
- 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 June 2022.
- 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.
- Higher Participation and Employment rates should help employers with challenges filling open positions.
- Overall employment rose to 39,800 jobs in June.
- Employment in most sectors increased in June, with significant gains in Construction and Accommodation/Food Services sectors. Employment in Education dropped significantly.
- Comparing April 2020 to April 2022, Sault Ste. Marie is up 17% in overall employment – higher than the pre-pandemic level of employment.
- Job postings continue to be strong for Sault Ste. Marie.
- The number of Job postings in June 2022 are 3x’s the June 2021 postings.
- We continue to see strong demand in Healthcare, Home Support Workers, Retail and Restaurants.