FOR IMMEDIATE RELEASE:
[La version française suit le texte anglais.]
TORONTO, January 30, 2020 - The Financial Accountability Office of Ontario (FAO) has released its annual publication on Ontario’s labour market.
Ontario’s economy created a strong 210,000 net new jobs in 2019, the largest increase in the level of employment on record. The annual unemployment rate remained at 5.6 per cent, unchanged from 2018, and the lowest rate since 1989. The province’s strong labour market was accompanied by sustained growth in average wages, and an increase in the proportion of Ontarians participating in the workforce for only the second time in the past 10 years.
Despite the strong pace of job creation, Ontario’s labour market continues to face important challenges, including an uneven distribution of labour market gains across the province’s communities, a surge in self-employment which can be precarious, and a decline in average hours worked per employee reflecting rising part-time employment.
To learn more, read the full report here.
- Employment gains in 2019 were driven by strong increases in both full-time jobs (157,000, +2.7 per cent) and part-time jobs (53,000, +4.0 per cent).
- Job creation was led by the private sector (123,000, +2.6 per cent), followed by self-employment (78,000, +7.0 per cent).
- Average hourly wages (for all workers) increased by a solid 3.6 per cent to $28.34 in 2019, marking the strongest wage growth since 2008.
- Despite the strong job gains in 2019, five out 15 Census Metropolitan Areas (CMAs) in Ontario saw a drop in employment, with the largest declines in Peterborough, Thunder Bay, and St. Catharines-Niagara.
About the FAO
Established by the Financial Accountability Officer Act, 2013, the Financial Accountability Office (FAO) provides independent analysis on the state of the Province’s finances, trends in the provincial economy and related matters important to the Legislative Assembly of Ontario. Visit http://www.fao-on.org/en/ and follow us on Twitter at https://twitter.com/InfoFAO.