In 2006 the economic outlook of St. Thomas and Elgin was very good. Elgin County had participation and employment rates above Ontario, and a much lower unemployment rate. St. Thomas had numbers very similar to the Ontario average, however St. Thomas and Elgin was affected by the economic crisis later than other areas because of the delay in effect to the manufacturing industry.
Participation Rate
The Participation rate is an important measure because it looks at how many people are active in the labour market. This number includes people who are employed and who are looking for work but are unemployed. This means that if someone does not have a paying job, and is not actively searching they are not considered in the labour force and do not participate. Stay at home parents, students, retirees and people who cannot work are some examples of people not included in the Participation rate.
|
Participation Rate 2006 |
||
|
Ontario |
Elgin |
St Thomas |
|
67.1 |
67.9 |
66.1 |
Employment Rate
|
Employment rate 2006 |
||
|
Ontario |
Elgin |
St Thomas |
|
62.8 |
64.2 |
61.9 |
The employment rate indicates how many people over the age of 15 are actively employed. This figure is taken as a percentage of everyone over the age of 15, regardless if they are looking for a job or not.
Unemployment Rate
|
Unemployment rate 2006 |
||
|
Ontario |
Elgin |
St Thomas |
|
6.4 |
5.5 |
6.3 |
The unemployment Rate is a labour statistic that considers a different population, instead of considering all people over the age of 15, this figure is a percentage of individuals who are not employed to the individuals who are in the labour force. This means that the unemployment rate only considers people who are willing and looking for work and does not include retirees, students and home makers.
