P.E.I. unemployment rate plummets as Islanders exit workforce

The unemployment rate on P.E.I. fell in August to its lowest rate in almost 10 years, but it was not necessarily good news.

Statistics Canada reported Friday the unemployment rate fell to 8.8 per cent, its lowest rate since it hit 7.9 per cent in October of 2007.

The big drop in August came mostly from people leaving the workforce.

The economy added a few hundred jobs, but actually lost full-time jobs, making up the difference in part-time work.

The workforce on the Island rose in the early months of the year when job numbers were going up, but started to fall off in June as job numbers dropped.

Job numbers from month to month on P.E.I. can be volatile. October was the only month in 2007 that the rate was below 10 per cent.

Nationally, the jobless rate fell to 6.2 per cent in August.

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