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Jobboom Index for August

Ontario’s Jobboom Index remains “favourable”

Although Ontario created 11,400 new positions in July and 5,700 in June, the province’s new jobs over the past two months weren’t enough to prevent a 0.8 % drop in the August Jobboom Index, which now sits at 84.8 %. While job creation is typically strong in July, the fact it has been weak in the province since April is likely the cause of the slight drop. Nonetheless, Ontario’s job forecast remains “favourable”. During the first three months of the year, 25,900 jobs were created, followed by a loss of 16,800 jobs in April. Despite these losses, employment has grown by 1.1 % over the past 12 months.

Ontario’s goods-producing sector managed to create 32,500 positions in July following 21,900 layoffs in June. New jobs were found mostly in manufacturing (+ 27,200) and to a lesser extent in construction (+ 6,400), while the only losses reported were in the utilities sector (-2,800).

   AUGUST 2007
   FORECAST
84.8%

FAVOURABLE

Meanwhile, the services sector lost 21,100 jobs, largely cancelling June’s employment gains (+ 27,600). Hardest hit were educational services (-20,800), finance, insurance, real estate and leasing (-13,400) and health care and social assistance (-8,000). However, strong employment gains were reported in professional, scientific and technical services (+ 15,200), commerce (+ 7,200), and other services (+ 7,000).

This month’s index for Ontario ranks 31st out of 120, meaning there were 89 months with lower indices over the last 120 months. Over the past 10 years, employment has grown by 24 %.

Ottawa-Gatineau region: 88.1 % — Favourable
In July, the Ottawa-Gatineau Census Metropolitan Area (CMA) added 5,800 jobs to the 16,000 positions it created over the five previous months. Almost managing to offset the 24,100 layoffs it suffered from September 2006 to January 2007, this CMA’s index climbs 7.3 points to 88.1 % and remains “favourable”.

Over the past 12 months, however, employment in the Ottawa-Gatineau region has not progressed. This month’s index ranks 9th out of 120, meaning there were 111 months with lower indices over the last 120 months. Over the past ten years, employment in this CMA has grown by 29 %.

Toronto region: 46.4 % — Unfavourable
Following weak employment gains in June (+ 900), the Toronto Census Metropolitan Area (CMA) lost 3,200 jobs in July, adding to the 13,700 layoffs it suffered over the three previous months. The result is a fifth consecutive drop in this CMA’s index to 46.4 %, which earns Toronto a “Unfavourable” employment index. Since March 2007, the region’s index has suffered a 30.3-point drop.

Despite this drop, employment has grown by 1.5 % over the past 12 months. This month’s index ranks 72nd out of 120, meaning there were 48 months with weaker indices over the past 120 months. From 1997 to 2007, employment in the Toronto region has grown by 28 %.

  INDEX
(percent)		 EMPLOYMENT SITUATION COMPARED TO JULY
ONTARIO 84.8 FAVOURABLE -0.8
Ottawa-Gatineau Region 88.1 Favourable +7.3
Toronto Region 46.4 Unfavourable -9.2