Newfoundland unemployment rate

November 10, 2007 · Filed Under Market Trends and Real Estate Articles 

The unemployment rate in Newfoundland and Labrador stood at 13.6 per cent in the third quarter of 2007. It’s edged 0.5 percentage points higher than the previous quarter, but unemployment remains historically low. The unemployment rate in the third quarter was just 0.7 percentage points above the 25 year-low reached earlier this year.

For workers aged 25 to 54, the prime home buying age segment, the unemployment rate stood at 12.1 per cent in the third quarter. This is also historically low, and just 0.3 percentage points above the second quarter level.

There were 2,600 fewer jobs in Newfoundland and Labrador at the end of the third quarter of 2007 than there were at the end of 2006. The decline reflected the addition of 2,600 full-time jobs, and 5,200 fewer part-time jobs.

Since the end of last year, new jobs have been added in utilities, construction, manufacturing, the financial sector, public administration, and in scientific, health, accommodation and food services.

Job gains in those industries were more than offset by layoffs in agriculture, forestry, fishing, mining, oil and gas extraction, wholesale and retail trade, transportation and warehousing, and in educational, informational and cultural service industries.

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