Report: City's unemployment rate to decline

Good news for job seekers — the unemployment rate in Greater Sudbury is forecast to decline to 5.8 per cent by 2016 from 6.2 per cent in 2014, according to an economic outlook released Jan. 26.

The document was prepared by the Credit Unions of Ontario, the Ontario Chamber of Commerce and the Greater Sudbury Chamber of Commerce.

The industries contributing most to near-term economic growth are primary resource industries, retail-wholesale trade, health-social services and a variety of other service industries.

Construction contributes only marginally to the forecast growth. Economic output from education services and public administration will decline slightly in the near term.

With the fortunes of Greater Sudbury closely entwined with the global markets for metals, economic growth will remain sluggish in the near term.

Although commodity prices are expected to rise from current lows, producers are responding cautiously, and the population in the region continues to shrink. Labour markets and consumer spending are projected to remain weak.

Read the full report at sudburychamber.ca.