LABOUR MARKET PERFORMS WELL; UNEMPLOYMENT RATE HITS 40 YEAR LOW

While the St. John’s Census Metropolitan Area (CMA) recorded a mixed economic performance in 2014, the labour market performed well as employment increased and the labour force grew.
 
The unemployment rate decreased to 5.9 per cent, the lowest unemployment rate in at least 40 years and is the 11th lowest unemployment rate among CMAs in Canada.
 
“While this report points to declines in certain areas, some indicators performed quite well,” says Mayor Dennis O’Keefe. “A bright spot in the data was an increase in household income, which lead to rising retail sales, and is apparent in our local economy.”
 
The annual Economic Review 2014 also noted that real gross domestic product (GDP) declined by 1.2 per cent and housing starts fell by 29.1 per cent.
 
“In light of current economic conditions, the economic outlook for 2015 is expected to be mixed and it is difficult to predict to what extent the decline in oil prices may affect us here in this region”, says Councillor Bruce Tilley, Co-Chair of the Economic Development, Tourism and Public Engagement Standing Committee. “The economy has been quite robust in the past few years so some levelling in activity was expected.”
 
This year-end report is distributed to a wide audience and is beneficial for both the City and business users in understanding how the local economy is performing.
 
Note: The St. John’s Census Metropolitan Area (CMA) is a Statistics Canada geographically defined area including St. John’s and neighbouring communities. Data prepared by Government of Newfoundland and Labrador, Department of Finance (Economic Research and Analysis Division) and the City of St. John's (Office of Strategy & Engagement), January 2014.
 
The full report (Economic Review 2014) is available online in the publications section at www.stjohns.ca.