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By Liam Verster

4.5 per cent unemployment

Unemployment dropped locally in November

Dec 2, 2022 | 10:43 AM

The local labour market saw the unemployment rate drop on a monthly basis.

Statistics Canada reports the Thompson-Okanagan economic region, which includes Vernon and Kelowna, had an unadjusted unemployment rate of 4.5 per cent in November.

While that figure was up from the 4.3 per cent recorded in the same month in 2021, the rate was down from the 4.9 per cent in October.

StatsCan reported the unadjusted employment rate for the economic region was 59.1 per cent in November.

That figure is down from the 59.4 per cent recorded in October, and the 60.5 per cent rate from November 2021.

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StatsCan did not provide data specific to Vernon but did say the adjusted unemployment rate for Kelowna was 4.9 per cent in November, up from the 4.3 per cent rate in October.

The data collection agency also noted the employment rate for Kelowna was recorded at 56.2 per cent, down from 57.3 per cent the previous month.

British Columbia as a whole was recorded as having an adjusted unemployment rate of 4.4 per cent in November, which was up from the 4.2 per cent rate in October.

Meanwhile, the provincial employment rate fell to 61.8 per cent in November from the 62.2 per cent rate recorded in October.

Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation, said while B.C. did add 8,800 full-time jobs in November, it was offset by a decline of 13,700 jobs, mainly driven by part-time positions losses.

“This reflects the impact of the Bank of Canada’s interest-rate hikes to fight global inflation,” stated Kahlon.

“Despite global economic uncertainty, B.C. continues to be well-positioned among our provincial and territorial peers with one of the lowest unemployment rates in Canada (4.4%), near historic lows for B.C.”

Kahlon added there are “as many as 105,000 more people are working now in B.C. than before the pandemic.”

He also noted B.C. continues to lead the country in women’s job recovery, with 73,500 more women working in B.C. than prior to the pandemic.

Meanwhile, Canada as a whole saw the adjusted unemployment rate recorded at 5.1 per cent in November, down from the 5.2 per cent rate in October.

The national employment rate also rose to 62 per cent in November, up from October’s rate of 61.9 per cent.