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Unemployment Rate Drops in Every Corner of British Columbia

November 5, 2004

British Columbia added 12,000 new jobs in October and the unemployment rate has declined throughout the province.

“Whether it’s Vancouver Island, the North Coast or the Northeast, we’re seeing long-term, structural improvement in B.C.’s economy,” announced Skills Development and Labour Minister Graham Bruce. “B.C.’s rate of job creation continues to lead the country, with over 40,000 jobs created over the past year and the improvements are being felt in every region.”

B.C.’s unemployment rate fell to 6.9 per cent in October. That was reflected in all regions, where the unemployment rate dropped, including Vancouver Island, the Mainland, Thompson-Okanagan, Kootenay, Cariboo and Northeast. In the North Coast & Nechako region, the unemployment rate fell two full percentage points.

Most of the job gains were in the construction sector, professional, scientific and technical services and agriculture.

Standard & Poor’s, one of the world’s leading credit rating agencies, recently boosted B.C.’s credit rating to AA with a stable outlook, from AA-. The better the Province’s credit rating, the lower the debt servicing costs that government has to pay.

“The continuing economic turn around in this province, combined with our improved credit rating, provides real choices for British Columbians,” Bruce said. “A strong economic base means more money for vital social programs like health care and education.
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