Local unemployment rate decreases

Jun 7, 2024 | 11:30 AM

The local labour statistics saw some positive movement in May.

Statistics Canada’s labour force report for May showed the unadjusted unemployment rate for the Thompson Okanagan was 5.2 last month.

The rate for the area, that includes Vernon, was down from April’s 5.8 per cent, though was still above the 4.8 per cent in May of 2023.

The local unadjusted employment rate, meanwhile, was recorded at 55.3 per cent in May.

That was up from April’s 54.5 per cent, but still below the 59.8 per cent in May of 2023.

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Figures specific to Vernon were not provided, but the data collection agency did have some stats showing fluctuations in Kelowna.

Stats Can’s data for the city showed the adjusted jobless rate was 4.3 per cent, while the employment rate was 57.2.

The unemployment rate improved from April’s figure of 4.9 per cent, though employment also fell from the previous month’s rate of 57.6 per cent.

While the Okanagan saw improvements in May, that wasn’t necessarily the case for the province or the nation.

Stats Can’s unadjusted unemployment rate for British Columbia was 5.6 per cent in May, up from 5.0 in April.

The provincial employment rate also declined from 62.0 in April to 61.6 in May.

Though the figures fluctuated on a monthly basis, B.C.’s Minister of Jobs, Economic Development and Innovation remained positive.

“In the face of high interest rates and slower global economic growth, B.C. remained steady this past month with job growth in the private sector (+3,700) and full-time employment gains (+2,100) and a total of 79,200 new jobs since May 2023,” Brenda Bailey stated.

“Compared to this time last year, B.C. has seen some of the strongest private-sector job growth in the country — second among provinces — with a gain of 32,800 private-sector jobs year over year.”

She also applauded the Bank of Canada’s move to cut interest rates, saying “there’s still a long way to go, but it’s a start for people with mortgages or debt, and businesses seeing higher borrowing costs because of the rates.”

B.C. had the third lowest provincial unemployment rate in May after Manitoba (4.9) and Quebec (5.1).

The provincial unemployment rate was also below the national rate.

Stats Can reported Canada’s adjusted unemployment rate as 6.2 per cent in May, up slightly from 6.1 per cent in April.

The national employment rate fell by the same margin from 61.4 per cent in April to 61.3 in May.

The agency stated Canada saw an increase in part-time employment in May, though that was slightly edged by a decrease in full-time employment.

May marked the seventh decline in the national employment rate in the past eight months.

A look at Canada’s employment figures for May 2024

(numbers from the previous month in brackets);

Unemployment rate; 6.2 per cent (6.1 previous month)

Employment rate; 61.3 per cent (61.4)

Participation rate; 65.4 per cent (65.4)

Number unemployed; 1,365,100 (1,337,400)