Did you know that low unemployment can be bad for the economy?
The Oshawa Census Metropolitan Area (CMA) – including Oshawa, Whitby and Clarington – is at a low unemployment rate of 4.9% for the general population. The youth rate is at 11.9%.
The typical rate of unemployment for this area is 6%.
At 6%, employers are able to find workers and workers move through the labour force.
At a low unemployment rate, the labour market tightens. Employers site difficulty in finding workers and specific skill sets.
This may result in increasing wages to attract workers which leads to wage inflation.
Image provided by www.1COMMUNITY1