Ontario unemployment rate the lowest it has been in 16 years

The Ontario unemployment rate was 5.8% in April, the lowest it has been since 2001, according to the provincial government.

The Ontario unemployment rate fell by 0.6%, from 6.4 % in March.

Compared with a year ago, employment in Ontario is up by 87,000 jobs, or 1.2 %. The Province reported that over the last three years, Ontario’s real GDP growth has outpaced all G7 countries, and exports and business investments are increasing, while the unemployment rate continues to decline.

“Ontario has all the elements to thrive in today’s economy — a balanced budget, a highly skilled workforce, a vibrant innovation ecosystem and a streamlined business climate. Our economy continues to perform extremely well, but we know there is more work to do,” said Brad Duguid, Minister of Economic Development and Growth, in a press release. “We will continue our efforts to make Ontario’s economy more globally competitive and create good jobs.”

The budget was released last month, and Ontario plans to continue balancing the budget this year and maintaining a balanced budget for the next two years.

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