February level of employment highest since 1989
Statistics Canada reported the unemployment rate for economic region 240 (Digby, Yarmouth, Shelburne, Queens and Lunenburg counties) was 7.9 per cent in February 2008, down 2.2 percentage points from February 2007 and 0.9 percentage points from January 2008.
This month’s unemployment rate is the lowest it has been for any February since 1989 and the level of employment is the highest since at least 1987.
At the same time, the participation rate - the percentage of people working or looking for work compared to the population aged 15 and over - increased by 2.2 percentage points to 58.8 per cent. This is a positive indicator for the local economy, as an increasing participation rate tends to reflect confidence in the job market - more people willing to look for work.
By comparison, the unemployment rate in February 2008 for Nova Scotia was 7.7 percent and for Canada was 5.8 per cent.
