P.E.I. unemployment rate hits record low

P.E.I.'s unemployment rate fell to 7.2 per cent in October, the lowest rate recorded on the Statistics Canada website.

Those records go back to January 1976.

The province also marked six months of unemployment below 10 per cent, tying a record from August 1976 to January 1977.

The rate fell from 8.7 per cent in September, due to a combination of people leaving the labour force and an increase in the number of jobs.

The province also set another record for the number of full-time jobs, at 65,200. The number of full-time jobs has increased every month since March.

Mixed in with the strong job creation is the suggestion of a possible coming labour shortage. The participation rate of older Islanders in the workforce is showing a significant decline.

"Although the drop in labour market participation is common for this part of the year, it should be noted that the 55 years and over age group saw the largest drop, about 600 from September to October," said UPEI economics Professor George Jia.

"That age group now accounts for more than 40 per cent of the working-age population on the Island, and will soon become a major determinant of P.E.I.'s labour market."

Nationally the unemployment rate was 5.8 per cent.

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