Prince Edward Island
The employment rate in Prince Edward Island reaches another high
Since 1992, the employment rate in Prince Edward Island has been on an upward trend (from 53.9% in 1992 to 61.2% in 2007), reflecting healthy job growth during this period. Moreover, 2007 was the ninth record-breaking year in a row for the island's employment rate. The rate was the highest among the Atlantic provinces, particularly in the 15-to-19 and 55-to-69 age groups.
The employment rate gap between Prince Edward Island and the national average (63.5%) has narrowed in recent years, from 4.4 percentage points in 1992 to 1.6 percentage points in 2005. This conforms to a trend in which most provincial employment rates are converging towards the national average. The gap for Prince Edward Island increased slightly, however, to 2.3 percentage points in 2007, since the province's employment rate has been virtually stagnant over the last two years (+0.1 percentage points) and the national average has continued to climb.
In 2007, employment in Prince Edward Island was up by about 1.0% (+700) from the previous year, well below the increase in the national average (+2.3%). The growth was entirely in the services-producing industries, primarily trade; and finance, insurance, real estate, rental and leasing.
The unemployment rate in Prince Edward Island dropped 0.7 percentage points in 2007 (from 11.0% in 2006 to 10.3% in 2007) to its lowest level since 1978. Meanwhile, the participation rate edged down 0.5 percentage points to 68.2%, just below the previous year's record high.
Employment rates in Prince Edward Island, 1976 to 2007
Source: Statistics Canada, Labour Force Survey, CANSIM table 282-0002.
- Date modified: