Latest news with #FinancialAccountabilityOfficerofOntario
Global News
8 hours ago
- Business
- Global News
Ontario loses 38,000 jobs as U.S. tariffs hit manufacturing sector
Ontario lost tens of thousands of jobs in the past three months, according to the province's financial watchdog, as the impacts of tariffs from the United States begin to bite. A new report published by the Financial Accountability Officer of Ontario found employment had dropped by 38,000 jobs in the province during the second quarter of the year. 'The unemployment rate rose for the ninth consecutive quarter, reaching 7.8 per cent in 2025 Q2,' part of the report said. 'This is 2.6 percentage points higher than the low of 5.2 per cent recorded in 2023 Q1, and marks the highest unemployment rate since late 2012, excluding the pandemic.' The report found tariffs levied by U.S. President Donald Trump on Canadian imports to his country were behind some of the changes. Story continues below advertisement The largest drop in employment came in manufacturing, where 29,400 jobs were lost in the second quarter of 2025. Business, building and support services lost 14,900. There were also substantial drops in employment in transportation and warehousing, as well as in agriculture. Overall, employment in Ontario's industrial sector dropped by 3.5 per cent in the second quarter of 2025 — a change the financial watchdog attributed to U.S. tariffs. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Those job losses were partially mitigated by gains in finance, insurance, real estate and scientific and technical services. Opposition politicians pointed to the numbers as evidence Premier Doug Ford was failing to deliver on his election promise to 'protect Ontario' from Trump and the effects of his economic policies. 'These numbers are truly alarming. Ontario workers are facing the worst job losses in more than a decade, with the manufacturing sector hit especially hard,' said NDP MPP and finance critic Jessica Bell. 'Families can't afford more government inaction while good, full-time jobs disappear from right underneath of us.' Ontario Liberal finance critic Stephanie Bowman issued a similarly harsh statement, accusing the government of failing to fulfill its central election promise. 'This report shows that we are heading in the wrong direction. Record spending by the Conservative government is doing nothing to fight high unemployment,' she said. Story continues below advertisement 'Never has a government spent so much to deliver so little. Working families are struggling, we are building housing at the slowest rate in a decade, and many of the businesses impacted by tariffs are not eligible for help from the province.' A spokesperson for Ontario's minister of finance said the government was doing everything in its power to protect jobs. 'With President Trump's tariffs taking direct aim at our economy, our government is using every tool we have to protect the over 800,000 jobs in Ontario's world-class manufacturing sector,' they wrote. On Wednesday, Ontario unveiled $70 million for its tariff relief efforts. The money was put towards offering expanded training and employment services for workers in tariff-hit industries like steel or autos. The province also opened up $1 billion in emergency loans for businesses struggling in the face of tariffs earlier this month. It is part of a broader $5 billion pot, although the plan for the remaining $4 billion has not been made public. Bowman said the current offerings were insufficient. 'Tariff 'relief' measures announced by this government will do little to help in the long term,' she wrote in her statement. 'They are mostly temporary measures and will do little to help the thousands of companies, especially small businesses, who are bearing the brunt of this trade war.'
Global News
24-04-2025
- Business
- Global News
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. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 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. Story continues below advertisement 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.
