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By Liam Verster

Labour Statistics

Local unemployment rate continues to fall

Jul 5, 2024 | 11:00 AM

The economic region that includes Vernon and the North Okanagan saw it’s unemployment rate decline for a second straight month.

Statistics Canada reported the unadjusted unemployment rate for the Thompson-Okanagan was 4.8 per cent in June.

That was down from the rate of 5.2 per cent in May, as well as below the 5.0 per cent rate recorded in June of 2023.

The region’s unadjusted employment rate for June was recorded at 56.5 per cent.

That was also up from the rate of 55.3 per cent in May, though still fell shy of the 60.5 per cent employment rate in June of 2023.

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Statistics Canada did not report data specific for Vernon, but did have information on the labour force in Kelowna.

StatsCan reported the adjusted unemployment rate for Kelowna was 3.9 per cent in June, while the employment rate was 57.4 per cent.

Those rates marked improvements from May when unemployment was 4.3 per cent and employment was 57.2.

However, Kelowna’s labour force was still not as strong as it was in June of 2023, when the unemployment rate was recorded at 3.1 per cent, and the employment rate was 62.6 per cent.

Meanwhile, British Columbia’s workforce saw some mixed results in June.

StatsCan reported the province as having an adjusted unemployment rate of 5.2 per cent, down from 5.6 per cent in May and from the rate f 5.5 per cent in June of 2023.

However, the employment rate was 61.2 per cent, down from a rate of 61.6 per cent recorded both in May of 2024 and in June of 2023.

“In the face of high interest rates and slower global economic growth, B.C. is holding steady. We have gained 72,300 jobs since June 2023,” Brenda Bailey, Minister of Jobs, Economic Development and Innovation, said.

“This month we gained 5,000 jobs in the private sector. Compared to this time last year, B.C.’s private-sector employment is up by 47,700, the second-largest increase among provinces over this period.”

B.C. had the second lowest unemployment rate in Canada, trailing Manitoba where the rate was recorded at 5.1 per cent. The other lowest rates recorded in June were Saskatchewan’s 5.1 per cent, and Quebec’s 5.7 per cent rate.

British Columbia’s employment rate was the fourth highest in the country after Alberta (64.3 per cent), Saskatchewan (63.6), and Manitoba (63.5). Prince Edward Island also had an employment rate of 61.2.

“Among provinces, we once again have the highest average hourly wage in June, and we have the highest GDP growth (16.9%) among large provinces since 2017,” Bailey added.

Though some improvements locally and provincially, that wasn’t the case for all of Canada.

StatsCan reported the national adjusted unemployment rate was 6.4 per cent, marking increases from the rates of 6.2 per cent in May and 5.4 per cent last June.

The adjusted national employment rate was 61.1 per cent, down from 61.3 in May and from 62.2 a year prior.