The results presented below are based on the Labour Force Survey data, selected and packaged by Metro Economics for the counties of Elgin, Middlesex, and Oxford (EMO).
The year 2016 started with great business expectations regarding exports, manufacturing, and economic growth in the result of the lower exchange rates for the Canadian dollar and oil prices. These positive market signals were mirrored by the regional employers regarding employment. The improvement of the regional economy after May of 2016 led to a decline in the unemployment rates in all three counties. During July of 2016, the unemployment rates in the three counties of the London Economic Region region continued their positive trend. August and September brought a slight increase in the unemployment rates in the region. However, the volatility of the unemployment rates during the second part of 2016 was significantly lower than during the first part of the year.
In January of 2017, the unemployment rates stayed about the same as in December of 2016 in Oxford and Middlesex counties. Unfortunately, in Elgin County, the unemployment rate increased by .5 percent. However, during the first quarter of 2017, the employment rates dropped down in all three counties signaling an overall improvement of the labour market in the region. The downward trend maintained its course during April of 2017 too for all three counties. The month of May brought a marginal increase in the unemployment rates in the region. The marginal growth of the unemployment rates continued in all three counties during May, June and July of 2016. Overall, one could notice the positive evolution of the regional labour market during the first half of 2017, in London Economic Region.
During July of 2017, the unemployment rates in the three counties increased minimally relative to June. In the year-to-year monthly comparison, the unemployment rate results in July 2017 were slightly lower than in July of 2016. These figures indicate calm and stability in the local labour markets from the London Economic Region. Furthermore, the unemployment rates in Elgin, Middlesex and Oxford counties dropped slightly during August of 2017.
* London Economic Region includes Elgin, Middlesex, and Oxford counties.