Slow going in pandemic recovery, may involve issues with seafood pricing
Snow crab processing at a factory in Newfoundland and Labrador. While the price paid for raw materials to produce packaged seafood products has gone up dramatically over the last three years, the price paid for the seafood products themselves haven't changed all the much. — ContributedST. JOHN'S, N.L.
Arcand gave an online presentation Tuesday, Feb. 7, that covered a lot of ground on the Canadian manufacturing sector as a whole and the provincial sector, and offered a general economic outlook for Newfoundland and Labrador in 2023. Merchandise exports in Newfoundland and Labrador did rebound to pre-pandemic levels by about the middle of 2021. Although manufacturing sales in the province have risen above the lows experienced in the early days of the COVID-19 pandemic, they still have not approached pre-pandemic levels.
While the province might be on the wrong end of the spectrum on sales growth in the sector, it is doing well when it comes to keeping positions filled. As of the third quarter of 2023, Statistics Canada data showed it had the lowest job vacancy rate specific to the manufacturing sector in the country at 1.7 per cent .
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