The addition of new jobs in the London region led to a drop in the local unemployment rate in January.
Figures released Friday by Statistics Canada show the jobless rate for the London Census Metropolitan Area went from 5.8 per cent in December to 5 per cent last month. This is the third straight month the numbers have declined. The last time the unemployment rate was lower than this was in April 2022 when it dipped to 4.8 per cent.
The local economy added 1,700 new jobs in January, making up for the loss of 1,200 jobs the month prior. According to Statistics Canada, 900 more people entered the labour force while 800 others stopped looking for work.
The London CMA includes St. Thomas, Strathroy, and other surrounding communities.
Nationally, the unemployment rate was unchanged from December, holding at 5 per cent. That is just 0.1 percentage points higher than the all-time low rate of 4.9 per cent which was set last June. The economy added 153,000 jobs last month, Statistics Canada said.
In Ontario, the rate went down slightly to 5.2 per cent last month. The jobless rate in December was 5.3 per cent. Ontario added 62,800 jobs, Statistics Canada said. That makes January the fourth straight month additional jobs were added to the provincial economy.
