Newfoundland and Labrador remains number one in employment growth August labour force numbers released today by Statistics Canada show that Newfoundland and Labrador is still on top when it comes to employment growth. The 5.9 per cent increase in employment from August 1998 is by far the strongest performance of any province. Gains in employment are attributed to increased economic activity. "Newfoundland and Labrador is expected to have the fastest growing economy in Canada this year, for the second year running," said Julie Bettney, Human Resources and Employment Minister. Real GDP growth in 1999 is expected to be five per cent following growth of 4.4 per cent last year. This growth is bolstered by an expanding oil industry which is experiencing production increases at Hibernia, the development of the Terra Nova oil field, and the highest level of offshore exploration in a decade. Tourism and the fishery are other industries fueling the economy. "Not only is Newfoundland and Labrador leading the country in GDP and employment growth, but it is also leading in retail trade and investment," said Minister Bettney. Statistics Canada's survey of investment intentions shows a 29.2 per cent gain in 1999 or an increase of nearly $800 million over last year. On retail trade, there was an increase of 6.5 per cent in the January to June period compared to a year earlier. "Growth in employment and wages is adding to consumers' buying power. We are seeing growth in a wide range of retail categories." The decrease in Newfoundland and Labrador's unemployment rate was also impressive, falling 2.3 percentage points to 15.8 per cent, compared to a year earlier. On a seasonally adjusted basis, the unemployment rate declined by 0.1 point from July to 16.5 per cent. This is the lowest unemployment rate for August in a decade. Seasonally adjusted employment declined by 6,500 from July to August. "Although seasonally adjusted employment decreased, the underlying trend in employment is a rising one as evident in the actual year-over-year job gain of 12,400 from last year," explained Minister Bettney. There are signs that employment growth will continue. Statistics Canada's Help Wanted Index for Newfoundland and Labrador rose 20.4 per cent in August from a year earlier. This index measures the ad space for job openings in local newspapers. A rise in the index has preceded employment gains in the past. "The numbers show that our economy is steadily improving," said Minister Bettney. "More Newfoundlanders and Labradorians are taking part in the labour market and more employers are opening their doors. There is definitely a positive outlook for the future of this province." Media contact: Marcia Porter, Communications, (709) 729-4062. ------------------------ BACKGROUNDER INDUSTRIAL PRODUCTION
INCOMES
CONSUMER SPENDING
HOUSING
TOURISM
INVESTMENT
SOCIAL ASSISTANCE
1999 09 10 4:30 p.m. |
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