London-St. Thomas wrapped up 2022 with the loss of 1,200 jobs in December due to a drop in the overall labour force, jobs, and number of people claiming unemployment, reports Statistics Canada.
The area’s unemployment rate dipped slightly to 5.8 per cent last month, down from 5.9 in November and marking the second time that figure has dipped below 6.0 per cent since June.
According to Statistics Canada, the size of the labour market dropped for the second consecutive month, decreasing by 1,800 from October.
The participation rate, which measures the size of the working-age population that is currently working or seeking employment, fell to 64.8 per cent in December from 65.3 per cent the previous month.
In total, 292,900 people were employed across the region last month, compared with 294,100 in November.
Nationally, to close out the year, Canada added 104,000 jobs in December which was led by a reported surge in youth employment.
Statistics Canada said youth aged 15 to 24 led added 69,000 jobs last month, reversing losses from this age group seen in late summer.
The country’s unemployment rate also tightened to 5.0 per cent last month, just above the record low of 4.9 per cent seen earlier in the year in June.