9/15/2013 5:38:44 PM

September 12, 2013
At an event today, Mayor Rob Ford announced that the City of Toronto's unemployment rate has fallen considerably over the last year, reaching its lowest level in more than five years, according to data from Statistics Canada's monthly Labour Force Survey.

"This large drop in the city's unemployment rate is great news for all Torontonians," said Mayor Ford. "There are now 58,000 more Toronto residents employed than a year ago, which shows that we have made our city much more attractive for business and employers."

Statistics Canada's seasonally adjusted monthly employment data indicates that Toronto's unemployment rate in August 2013 was 7.1%, 2.9% lower than the August 2012 rate of 10%. The last time Toronto's unemployment level was this low was in April 2008.

The 2.9% drop in the City's unemployment rate over the last year is much greater than the unemployment rate decline in Canada (0.2%), Ontario (0.5%) and the "905" area (+0.1%).

"This has been a very good year so far for Toronto's employment rate," said Councillor Michael Thompson (Ward 37 Scarborough Centre), Chair of the Economic Development Committee. "Since January, our unemployment rate has fallen more than 2.5%, and is now at the same level as the national average for the first time in 12 years."

More information about the City's Economic Dashboard report and additional economic indicator is available at: http://www.toronto.ca/economicindicators.

City Council has endorsed a new economic growth plan called Collaborating for Competitiveness - A Strategic Plan to Accelerate Economic Growth and Job Creation in Toronto. This plan sets targets for improving the quality of jobs in Toronto and commits to harmonizing the policies/activities of the City of Toronto and its agencies to help create a more attractive climate for business and investment. More information about the plan and how the City helps business in Toronto is available at: http://www.toronto.ca/business.