Employment Up 3.7% in February 2024

Employment in Newfoundland and Labrador was 233,300 persons in February 2024, an increase of 8,300 persons, or 3.7%, compared to February 2023. Actual hours worked increased by 0.5 compared to February 2023.

The labour force in Newfoundland and Labrador increased by 10,000 persons, or 3.9%, in February 2024 compared with February 2023, due to an increase in the source population and an increase in the participation rate. The source population increased by 7,300 persons, or 1.6%, and the participation rate increased by 1.3 percentage points to 57.5%.

Employment gains were reported in both full-time employment and part-time employment in February 2024. Full-time employment increased by 8,200 persons (+4.4%) and part-time employment increased by 100 persons (+0.3%) when compared to February 2023.

On a gender basis, employment gains were reported in both male employment and female employment in February 2024. Male employment increased by 5,500 persons (+5.0%) and female employment increased by 2,900 persons (+2.5%) when compared to February 2023.

On an industry basis, employment in the services-producing sector increased by 7,100 persons (+3.9%) and employment in the goods-producing sector increased by 1,200 persons (+2.8%) in February 2024. Within the services-producing sector, the largest employment gains were recorded in ‘Wholesale and retail trade’ (+3,000 persons), ‘Educational services’ (+2,100 persons), and ‘Professional, scientific and technical services’ (+1,600 persons). The only employment losses were in ‘Accommodation and food services’ (-1,200 persons) and ‘Transportation and warehousing’ (-900 persons). Within the goods-producing sector, the largest employment gains were in ‘Construction’ (+2,000 persons) and ‘Forestry, fishing, mining, quarrying, oil and gas’ (+1,500 persons). The largest employment loss was recorded in ‘Manufacturing’ (-2,000 persons).

Employment increased in all provinces in February 2024, when compared to February 2023. Employment gains ranged from 0.9% in Quebec to 7.3% in Prince Edward Island. For Canada as a whole, employment increased 1.9%.

On a year-to-date basis, employment in Newfoundland and Labrador averaged 232,700 in the January to February 2024 period, an increase of 4.3% compared to the same period in 2023. The unemployment rate averaged 12.0%, a decrease of 0.5 percentage points from January to February 2023.

Labour Force Characteristics
Newfoundland and Labrador
February
Indicator
2023
2024
Change
Labour Force (000s) 254.0 264.0 3.9%
Employment (000s) 225.0 233.3 3.7%
Unemployment (000s) 29.0 30.7 5.9%
Unemployment Rate (%) 11.4 11.6 0.2 ppts
Participation Rate (%) 56.2 57.5 1.3 ppts
Employment Rate (%) 49.8 50.8 1.0 ppts
ppts: percentage point change
Percent and actual changes based on unrounded monthly averages
Source: Statistics Canada’s Labour Force Survey; Economics Division, Department of Finance

Glossary terms:
Labour Force | Employed | Unemployed | Unemployment Rate | Participation Rate | Employment Rate

Statistical Reference: Statistics used in this analysis were current at the time of writing. For the latest in employment statistics visit the Newfoundland & Labrador Statistics Agency site and the release dates on the Statistics Canada site.

 

Economics Division, Department of Finance – (709) 729-3255 – infoera@gov.nl.ca