More Local Labour Market Information

Labour Market Bulletin, Third Quarter 2004
An Analysis of the Toronto / York Area Labour Market
Human Resource Centre of Canada

An overview of The Greater Toronto Region (Statistics Canada Economic Region 530 - It consists of the City of Toronto plus the surrounding regions of Durham, York, Peel and Halton (excluding Burlington). This area includes the municipalities of Ajax, Pickering, Whitby, Oshawa, Clarington, Uxbridge, Scugog, Brock, Georgina, East Gwillimbury, Whitchurch-Stouffville, Newmarket, Aurora, King, Vaughan, Richmond Hill, Markham, Mississauga, Brampton, Caledon, Halton Hills, Milton and Oakville.

The Greater Toronto Region labour market slowed in the third quarter of 2004. Employment fell by over 3,000 jobs compared to the second quarter. All of the loss was in part-time positions.

Employment increased by about 74,000 jobs from the third quarter of 2003 to the third quarter of 2004. The unemployment rate fell from 8.6% to 8.2% over this period.

Interest rates, although low by historical standards, rose in the third quarter with a quarter of a percentage point rise in the Bank of Canada’s overnight rate on September 8th. This was followed by another quarter of a percentage point rise on October 19th. These increases were reflected in rising mortgage and loan rates charged by financial institutions and over time should start to cool the residential construction and real estate industries.

Manufacturing employment continued to rise in the third quarter, despite continuing gains in the value of the Canadian dollar compared to the US dollar. However, manufacturing employment still remains below the level of the third quarter of 2002.

Employment in most service industries rose over the past year.

Highlights:

Interest rates began to rise
IBM plans to hire 1,200 workers by the end of the year
Toronto Police Service and York Region Police hiring
Universities hiring professors
Olympic Spirit Entertainment Complex opened
Truck drivers needed over the next six years
Canadian manufacturing shipments increased for the eighth straight month in July.

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