Here's what you need to know about Ontario's labour market.
The Government of Ontario releases a monthly report that tells us about the province's labour market. This report is useful to employers, business owners, and particularly, to the people that do the hiring. Labour market information gives us reference to supply and demand, or rather, the demand for labour and the supply of labour. The more knowledge you have, the better equipped you will be to make informed decisions for your business.
Why should employers pay attention to labour market information (LMI)?
LMI provides guidance to employers, through the following:
- Wage and salary data;
- Labour demand and supply statistics; and
- Demographic information.
You can apply this information to the hiring and training process, HR budgeting, and planning around industry trends. For example, demographic data on age or education, gives indication as to who and what level of skills are available to your industry. As an employer, paying attention to LMI will allow you to forecast and plan for your HR needs, and in doing so, keep ahead of the competition.
What does Ontario's labour market report tell us?
The December 2017 release provides a good snapshot of Ontario's labour market, as it tells us about growth over the previous year, and where this takes us for 2018. 
As of December 2017, in Ontario there were 11.8 million people at the age of 15 or older. Of this demographic, 7.6 million people were either working or actively looking for work. Of the 7.2 million people employed, 81% were in full-time positions. This leaves Ontario's unemployment rate at 5.5% with just over 400,000 people unemployed.
3 Big Wins in Ontario's Labour Market
Ontario's Labour Market Report tells us that, for 2017:
- Employment in the province saw growth by 128,400 net new jobs, which marks the greatest annual increase since the year 2003.
- For adults ages 25 or older, there was an increase of over 104,000 jobs in Ontario, compared to the previous year.
- The province remains at an unemployment rate of 5.5% (as of November 2017), making this the lowest unemployment rate since the year 2000.
For more labour market statistics, you can check out Statistics Canada. You can also visit our Employer Blog for more HR news, trends, and updates.
