The unemployment rate in Toronto dropped to 7.5 per cent in October — down 0.2 points compared to the month prior — but the city’s jobless rate is still notably higher than where it was last year, according to Statistics Canada data released Friday.
In October 2023, the unemployment rate was 6.8 per cent. While a 0.7 point change to the unemployment rate may seem like a small difference, it amounts to an extra 37,400 Torontonians who were looking for work this October compared to last year, the data revealed.
In total, there were an estimated 306,700 jobless Torontonians in October — out of a population of 6.2 million and a labour force of 4 million.
The high unemployment numbers in Toronto reflect the overall situation in Canada. In October, the nation’s unemployment rate was 6.5 per cent, up from 5.7 per cent in 2023. Compared to September of this year, however, the unemployment rate has held steady.
Friday’s report also touched on the financial hardships that Canadian households are facing.
In October, 31.7 per cent of Ontario households found it difficult or very difficult to meet financial needs in terms of transportation, housing, food, clothing and other necessary expenses, Statistics Canada found.
That’s greater than the national average of 28.8 per cent.
The report found renters were more likely to be suffering from financial hardship than homeowners. Nearly 40 per cent of renters found it difficult to meet their financial needs compared to 24 per cent of Canadians who own property.
Newcomers to Canada are also facing pressure. Over 40 per cent of immigrants who landed in Canada within the past 10 years were experiencing financial difficulties in October compared to people born in Canada, which sits at just 26 per cent.
