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New Brunswick adds 4200 jobs, unemployment rate drops in December

06 January 2018

The New Brunswick economy added 4,200 jobs in November, according to Statistics Canada's latest labour force survey and Moncton continued to lead the way by adding 600 positions. The city lost 400 jobs with its employed workforce falling from 64,500 in November to 64,100 in December.

The currency has been boosted in recent weeks by a 2 1/2-year high for the price of oil, one of Canada's major exports, and firm domestic data which raised expectations for a Bank of Canada interest rate increase as soon as January 17.

The December reading marked the 13th-straight month of job gains, however, about half of those positive numbers were within the survey's margin of error. Saint John lost 2,400 jobs in the same period.

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Between December 2016 and December 2017, full time employment across the province increased by 45,800, and overall employment increased by 55,000.

The national picture was strong.

"The unemployment rate is now at its lowest in 40 years thanks to a 5 tenth drop in the youth unemployment rate". The economy added 422,500 jobs a year ago with the gains driven by 394,200 new full-time positions.

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Looking at 2017 as a whole, employment rose 2.3 per cent for its fastest growth rate in 15 years.

All but one of Canada's six biggest commercial lenders now say the central bank will raise interest rates this month after the jobless rate dropped to its lowest in modern records. Our region is even lower with just 6 per cent unemployment for the area that includes Banff, Jasper, Rocky Mountain House, Athabasca, Grande Prairie and Peace River.

Official Canadian government employment statistics showed the number of unemployed fell sharply in December to 5.7% from 5.9% previously - market analysts had mostly been expecting a rise to 6.0% or more instead.

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New Brunswick adds 4200 jobs, unemployment rate drops in December