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Saskatchewan’s unemployment rate hit a seven-year low in February.
According to data released by Statistics Canada on Friday, the province’s unemployment rate was 4.7 per cent last month — the lowest it has been since April of 2015.
Saskatchewan’s rate in February was the second-lowest in the country, behind only the 4.5 per cent recorded in Quebec.
It was down from 7.3 per cent in February of 2021 and from 5.5 per cent in January of this year.
Employment in Saskatchewan rose by 7,400 jobs, an increase of 1.3 per cent from January. It was the fourth straight month the province added jobs.
Year over year, the province added 30,100 jobs, an increase of 5.6 per cent.
According to the provincial government, Saskatchewan’s seasonally adjusted employment of 582,000 in February exceeded its pre-COVID employment level of 574,100 in February of 2020.
“With significant job gains and a low unemployment rate that continues to drop, Saskatchewan’s economy is on the right track as we come out of the pandemic and transition to living with COVID-19,” Immigration and Career Training Minister Jeremy Harrison said in a media release.
“With record agricultural and merchandise exports in 2021, and the strongest year-over-year growth in manufacturing sales and wholesale trade in Canada, opportunities abound for businesses, entrepreneurs, and workers in Saskatchewan.”
The provincial government said large year-over-year gains were posted in the sectors of wholesale and retail trade (up 11,500 jobs), educational services (an increase of 6,000 jobs) and information, culture and recreation (which rose by 5,300 jobs).
Saskatchewan’s youth unemployment rate of 5.9 per cent in February was the lowest among the provinces.
Nationally, the Canadian economy added 337,000 jobs in February as the unemployment rate fell below pre-pandemic levels.
The unemployment rate in February dropped to 5.5 per cent from 6.5 per cent in the first month of the year.
That is the lowest the national unemployment rate has been since it was 5.7 per cent in February of 2020.
— With files from The Canadian Press
