Employment gains in October for province

Employment numbers continued to rise for the month of October, marking the tenth consecutive month Newfoundland and Labrador has recorded employment gains.

According to the latest Labour Force Survey from Statistics Canada, employment in the province increased by 3.3 per cent or approximately 7,000 jobs for the month of October, as compared to the same time period last year. The unemployment rate stood at 14 per cent, a decrease of 0.9 percentage points from October 2000.

"Government is pleased to note that this province has recorded employment growth every month this year," said Gerald Smith, Minister of Human Resources and Employment. "This is one of the strongest years for employment growth for the province since the early 1990s, with employment expected to average 211,000 for this year, indicating we are on the right track when it comes to employment and economic development."

On a seasonally adjusted basis, the province also recorded a slight employment increase of 0.4 per cent from September. The province also experienced an increase in the number of people actively seeking work. This factor explains the seasonally adjusted unemployment rate which rose 0.5 percentage points to 15.9 per cent for October. Seasonally adjusted data looks at patterns of employment change within the current year from one month to the next, whereas the actual data compares employment this year to employment last year. On a year-over-year basis, the provincial employment trend in 2001 has been strongly positive as reflected by the actual data. 

Growth was concentrated in the goods and services producing sectors, including manufacturing, construction, wholesale and retail trade, finance and real estate services, and management services.

"As we approach the end of the year, it's safe to say 2001 will be historically significant in regards to employment levels for the province," said Minister Smith. "This is very positive news, but our expectations for 2002 will need to be tempered by the economic uncertainty that is currently being experienced world wide."

Media contact: Paul Power, Communications, (709) 729-4062.

2001 11 02                           3:40 p.m.