The jobless rate in the London-St. Thomas region fell to five per cent in January, starting 2023 with a decline of point three per cent, according to Statistics Canada.
The drop was driven by more people entering the labour force, which rose by 900 compared to December figures, combined with a decrease in the number of people claiming unemployment, which fell by 800.
According to Statistics Canada, the last time the unemployment rate was this low was back last spring when it jumped from 4.8 per cent in April to 5.2 per cent last May.
The region also added 1,700 jobs last month, up from 1,200 lost in December to close out 2022.
Nationally, the Canadian economy added 150,000 jobs in January, “blowing past most economists’ expectations.”
As 153,000 people joined the labour force last month, the unemployment rate held steady at five per cent, hovering just above the record low of 4.9 per cent.