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Human Resources, Labour and Employment Finance February 12, 2007 January Labour Market Participation and Employment Levels at Historical High According to the latest Labour Force Survey results, labour market conditions continue to improve in Newfoundland and Labrador. On a year-over-year basis, employment has increased and during the past six months continues to trend upward while the number of persons unemployed continues to decline. The figures indicate employment in January 2007 increased by 2.4 per cent in comparison to January 2006. Labour force participation in January 2007 increased by 1.6 per cent and unemployment is down by two per cent over the same year-over-year period. For the month of January, both labour force participation and employment are now at historical high levels. "As our provincial labour force strengthens, we see unemployment rates going down, participation rates on the rise and further evidence of strong growth across a number of sectors," said the Honourable Shawn Skinner, Minister of Human Resources, Labour and Employment. "The long-term trend points to continued improvement in the overall health of the provincial labour market." Government started on a path of economic renewal when it formed government and its commitment to achieving economic success is unwavering. Government is implementing and developing strategies and initiatives that focus efforts and investments in building a future for Newfoundland and Labrador. In the fisheries and aquaculture industries government investments will create 350 new jobs and sustain another 535. Government has invested nearly $12 million helping companies in this province create employment for 1,900 people. In capital infrastructure we have invested $109 million in our education facilities creating 1,800 jobs and a further $280 million in highway construction creating 3,360 person years of employment. Government has budgeted nearly $18 million to support development in the agriculture and agrifoods industry this year. Over the past three years, the agriculture industry alone has grown 11 per cent. "The increase in employment is significant and an indication that our strategic economic investments are working. Retail sales are up at the highest level ever, incomes are up, our credit ratings have never been higher, we are leading the country in labour productivity and GDP growth, and with more of our people working than ever before" said the Honourable Tom Marshall, Minister of Finance and President of Treasury Board. "We are currently working within the budgetary process to find ways to further assist industries and individual businesses sustain and create employment opportunities." Government recognized the need to make investments in expanding the public service. It has retained 151 teachers and has dedicated funding to hire apprentices. It has created 125 jobs at the College of the North Atlantic. Since forming government, there are 75 new RNC and RCMP positions as well as 74 new positions within our justice system. In 2006 alone, nearly 100 jobs have been created in our health and community services system. The Williams government is working tirelessly to create real jobs, real opportunities and a real sustaining economy right here in Newfoundland and Labrador. The results are being realized across many sectors. The latest labour force numbers point to continued confidence in the economy and a pattern of steady growth. -30- Media contacts:
2007 02 12 4:05 p.m. |
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