The London-St. Thomas economy seems to be rebounding as unemployment rates dropped for the month of July.
Statistics Canada data for July 2020 shows the jobless rate fell to 10.5 per cent in July from 12.6 per cent in June. Unemployment records were set in the two previous months when the region saw the rates skyrocket to 11.7 per cent for May and 12.6 per cent for June.
The unemployment rate continues to remain high compared to a low of 4.8 per cent in February — before emergency measures were announced due to the pandemic.
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The agency says 11,200 jobs were added to the region in the month of July, a staggering increase from June, when the region saw 2,700 jobs lost.
The data also shows 6,100 people were added to the labour force for the month of July as well as 5,000 fewer people claimed unemployment.
The participation rate for the London-St. Thomas region also increased to 60 per cent in July, up from 58.7 per cent in June. This month’s participation rate is the highest showing since the pandemic measures took effect.
Nationally, Statistics Canada is showing Canada following a similar trend, as the unemployment rate dipped to 10.9 per cent in July from 12.3 per cent recorded in June. The country’s labour market gained 419,000 jobs in July as more parts of the economy were allowed to reopen amid coronavirus.
About 266,0000 more people were looking for work in the nation in July, rising for the third consecutive month, but still down almost 300,000 from where it was in February.
— With files from Statistics Canada and The Canadian Press
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