Last week Statistics Canada released its Labour Force Survey for the month of November. As I have done in previous months, I will look at some of the numbers and try to spot some trends especially when it comes to the province of New Brunswick and the Fredericton region in particular.
The headline numbers in this release certainly look good:
- Employment up by 43000 or 2.3%
- Labour force up by over 67000 workers
- Unemployment rate edged up by 0.1% to 5.9%
- Employment rate up to 63.8% which is higher than the United States and most European countries
- Most employment gains were in the private sector
Again manufacturing employment was hit hard as the slowing US economy and the high Canadian dollar continue to create difficult conditions for manufacturers who export mainly to the United States.
In New Brunswick, there are several good items contained in the report:
- Population is up by 500 over October
- Labour force is up by 4100 workers
- Employment is up by 5300 jobs
- Employment rate edges up to 60%
- Unemployment rate drops to 7.2% from 7.6%
If we look at the regional three month averages things get a little murky as the number don’t reflect the strength seen for the one month provincial average. Most regions appear to have lost jobs including Fredericton (600 jobs) but there appears to be a shrinking of the labour force which offset the job loses and left Fredericton with an unemployment rate of 6.2%.
I imagine that with the recent announcements of the mill closure in Dalhousie and the closure of Shermag in Edmundston the next few release may not be quite so rosy, especially for the northern part of the province.