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Jobboom Index for August

Despite drop in Jobboom Index, Ontario hangs on to “excellent” employment status

Ontario suffered employment losses last month (- 5,800), for the first time since March 2006. The result is a 1.9 percent drop in this month’s Jobboom Index to 92.5 percent — a performance that allows the province to hang on to its “excellent” employment status.

Losses were mostly felt in manufacturing (- 17,800), professional, scientific and technical services (- 13,200), finance, insurance, real estate and leasing (- 9,000), transportation and warehousing (- 6,400) and in agriculture (- 5,400). Job creation in the province’s other sectors, however, helped lessen the blow, with new jobs in trade (+ 16,900), educational services (+ 7,700), construction (+ 6,200) and public administration (+ 4,500).

From July 2005 to July 2006, employment in Ontario grew by 1.8 percent. Over the past 120 months, however, the province’s Index ranks 7th, meaning there were 113 months with lesser Indices. Over this same period, employment in Ontario grew by 26 percent.

   AUGUST 2006
   FORECAST
92.5%

EXCELLENT

Ottawa-Gatineau region: 97.1 percent — Excellent
After two consecutive setbacks in June and July, the Jobboom Index forecast for this Census Metropolitan Area (CMA) remains unchanged for the month of August. The creation of 1,000 new jobs in July has practically offset the elimination of 1,100 jobs in May and June, as reported by Statistics Canada. We have yet to see, however, if this trend will continue. Over the past 12 months, employment in Ottawa-Gatineau grew by 6.7 percent. This month’s Index ranks 1st out of 120. In other words, there were 119 months with lesser Indices for this period. Over the past ten years, employment for this CMA increased by 30 percent.

Toronto region: 71.5 percent — Fair
The Toronto Census Metropolitan Area (CMA) added 7,700 jobs to its economy in July, for a total of 29,600 new jobs over the past 3 months. Toronto’s Index, however, continues to drop — a slight 0.1 percent decrease in August to 71.5 percent. Over the past 5 months, a total of 33,200 new jobs have helped offset the loss of 34,700 jobs suffered at the start of the year. Employment for this CMA has nonetheless increased by 1.5 percent over the past 12 months. This Index ranks 55th out of 120 meaning there were 65 months with lesser Indices over the past 120 months. From July 1996 to July 2006, employment in the Toronto region grew by 33 percent.

  INDEX
(percent)		 EMPLOYMENT SITUATION COMPARED TO JULY
ONTARIO 92.5 EXCELLENT -1.9
Ottawa-Gatineau Region 97.1 Excellent 0.0
Toronto Region 71.5 Fair -0.1