New Brunswick's unemployment rate hits lowest point this year

New Brunswick's unemployment rate in August was the lowest it's been so far this year, according to the latest Statistics Canada figures.

The province's unemployment rate for the month, 6.5 per cent, is alsoa drop from 7.7 per cent reported by the agency for last August.

The only month the rate has been lower in the past year was last Novemberwhen it was 6.4 per cent.

The August figure is also down from 7.2 per cent in July, a drop Statistics Canadasays is statistically significant.

Canada's overall unemployment rate rose by 0.2 per cent in August. That paired with New Brunswick's decrease puts the provincialrate below the national average of 6.6 per cent.

New Brunswick's rate also came inbelow all other Atlantic provinces last month.

Fredericton Chamber of Commerce CEO Morgan Peters believes the year-to-year unemployment comparison is most significant.

"It was 7.7 last August, so that's a good sign," he said in an interview.

He largely credits a growing population. Fredericton in particular has seen population growth surpassing local government projections.

"We're excited about that growth, in terms of population and economic activity," said Peters. "It's been a great summer. Overall trends have been good since the pandemic ... the labour force has loosened up quite a bit."

While the rate change is an improvement,Canadian Federation of Independent Businesses Atlantic vice-president Louis-Philippe Gauthier says it hasn't necessarily translated to business owners having an easier time fillingjob vacancies.

According to Statistics Canada, the labour force in New Brunswick shrunk slightly from July to August, but that decline falls within its margin of error. The year-to-year figure shows a slight increase, also within the margin of error.

"The labour market's still tight,"Gauthier said in an interview. "We're still seeing our members through our business barometer reporting that access or finding qualified labour is an issue.

"It's the No. 1 problem that business owners are having right now in New Brunswick."

Peters is also concerned about qualified labour, noting challenges on the horizon in post-secondary education.

"Post-secondary enrolment seems to be having a tough time," Peters said, noting the international student cap and other issues.