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Province begins 2003 with increase in employment On the heels of employment gains in 2002, Newfoundland and Labrador began 2003 with a further increase in employment, as well as growth in labour force participation rate to the highest participation rate ever for the month of January. According to the latest Labour Force Survey released from Statistics Canada, employment in the province was up 2.1 per cent, or approximately 4,100 jobs, in January 2003 compared with the same month last year. The province�s labour force participation rate, the proportion of the working age population employed or seeking employment, also rose sharply. As a result, the labour force increased by 3.3 per cent. Due to the large increase in labour force participants, the unemployment rate rose 0.9 percentage points, to stand at 20.2 per cent. Growth was recorded in both the goods and service sectors, with gains in industries such as primary fishing, transportation and warehousing, and health care. Ralph Wiseman, Minister of Human Resources and Employment, said: "In 2002, we saw record high annual averages for labour force participation rate (58.6 per cent) and labour force size (257,400), and it�s great to see this positive trends continue in the New Year. Along with the positive numbers reported for January, economic forecasters predict further economic growth for our province, promising to make 2003 a very exciting year." On a seasonally-adjusted basis, employment was also up 1.6 per cent, or approximately 3,500 jobs, while the unemployment rate was down 0.6 percentage points to 17.9 per cent. 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 the same time last year. Media contact: Simon Lono, Communications, 709-729-4062. 2003 02 07 1:45 p.m. |
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