Ontario's unemployment rate jumps to 7% even as ‘moderate' job creation continues
Job creation in Ontario continued at a 'moderate' pace last year, according to the province's financial watchdog, but failed to keep pace with the number of people looking for work.
A new report from the Financial Accountability Officer of Ontario found new jobs continued to be created in 2024 across the province, although the rate of growth slowed from previous record-breaking years.
As a result, the unemployment rate in the province increased substantially to seven per cent. That rose from 5.6 per cent the previous year and marks the highest rate of unemployment in Ontario since 2014, excluding the COVID-19 pandemic.
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The number of people without a job was up across Ontario, the report said, but Kitchener, Cambridge and Waterloo — which are at the heart of the province's tech sector — experienced the fastest rate of job creation.
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A spokesperson for the Ministry of Economic Development, Job Creation and Trade said the government remained 'laser-focused' on job creation, pointing out 55,000 jobs were created this year amid 'challenging' global economic uncertainty.
'We are ensuring that Ontario remains the best destination for businesses to invest, expand and create more good-paying jobs,' they said.
On average, across the province, hourly wages grew by 5.2 per cent to $36.44 per hour. The growth rate was more than double the rate of inflation, the report said.
While some age groups saw gains, employment for young people (aged 15 to 24) dropped by 0.6 per cent.
Ontario Green Party Leader Mike Schreiner said the numbers were 'deeply concerning' and pointed to a 'staggering' youth unemployment rate of almost 16 per cent.
'There is a huge opportunity to tariff-proof Ontario by investing in good, green jobs and supporting a made-in-Ontario clean energy and mining-to-manufacturing strategy,' Schreiner said, urging the province to put more money into creating renewable energy jobs.
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