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N.B. Loses 2,700 Jobs, But Big Gains Made in Moncton

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MONCTON – The New Brunswick economy lost 2,700 jobs in November, according to Statistics Canada’s latest labour force survey, but Moncton bucked that trend by adding 1,100 positions.

The Hub City’s employed workforce grew from 78,900 in October to 80,000 in November.

However, its unemployment rate rose from 5.8 per cent in October to 6.3 per cent in November because the size of its workforce grew from 83,800 to 85,4000.

Saint John’s situation mirrored the province as a whole. Its employed workforce fell from 65,300 in October to 64,500 in November, a loss of 800 jobs.

From one year to the next (November 2016 to 2017), the city lost 200 jobs.

Moncton showed a gain of 2,800 for the same period.

The national numbers show Moncton’s growth is very much in line with what’s going on in the rest of the country.

A wave of job creation last month knocked the national unemployment rate down to 5.9 per cent – its lowest level in nearly a decade.

New Brunswick’s rate rose (from 7.8 per cent to 8.3 per cent) as the national rate fell.

Statistics Canada said Friday that the national economy churned out another 79,500 net new jobs in November and drove the jobless rate down 0.4 percentage points from 6.3 per cent the month before.

The federal statistical agency also released fresh figures Friday for growth — they showed that the economy expanded at an annual pace of 1.7 per cent in the third quarter.

But the strong November jobs numbers stood out. The last time the unemployment rate was 5.9 per cent was February 2008 at the start of the global financial crisis.

Economists had expected an increase of 10,000 jobs and the unemployment rate to come in at 6.2 per cent, according to Thomson Reuters.

The increase also marked Canada’s 12th straight month of positive job creation as the country posted its best 12−month performance in 10 years. The last 12−month streak of positive job creation ended in March 2007.

The report said employment rose 2.1 per cent in the 12 months leading up to November as the economy added 390,000 net jobs — with all the gains driven by full−time work.

The labour market added 441,400 full−time positions year-over-year for an increase of three per cent and its strongest 12−month period of full−time job creation in 18 years.

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With files from The Canadian Press