More jobs are being created in Ontario, yet labour force participation has gone down, says a new report that reviewed the province’s labour market performance in 2024.
Released by the Financial Accountability Office (FAO) on April 24, the report showed that the unemployment rate in Ontario increased to 7 percent in 2024 from 5.6 percent in 2023. Yet despite a positive job-creation trend in 2024, with a 1.7 percent increase and 140,000 jobs added, the rate of unemployment grew by more than one percentage point for the first time since the mid-1970s.
“In all other years when the unemployment rate increased by at least one percentage point, the economy was in a recession and experienced job losses,” the FAO said in a news release….