BC saw not only a drop in employment, but also an increase in unemployment last month.
According to Statistics Canada’s Labour Force Survey for July, Canada saw little change to employment at 0 percent, with 20.5 million people employed. The unemployment rate also didn’t change at 6.4 percent.
They found that for BC, 2.84 million people were employed despite a 0.4 percent drop in employment, with their unemployment rate sitting at 5.5 percent, a 0.3 percent increase.
In a statement responding to the findings, Minister of Jobs, Economic Development, and Innovation Brenda Bailey says people are facing big challenges because of higher interest rates and slower global economic growth.
“Despite job declines across the country, B.C. continues to hold steady with 63,900 jobs gained during the past year,” said Bailey.
“B.C.’s unemployment rate is 5.5%, the second-lowest unemployment rate among provinces and significantly below the national average of 6.4%.”
While the survey finds that employment fell in wholesale and retail trade, finance, insurance, real estate, rental, and leasing, Bailey adds construction jobs have gone up by 29,100 over the past year, with other increases in health care, social assistance, and agriculture.
She adds with these challenges affecting many in the province, they aim to take action through different projects and initatives.
This includes partnering with the federal government and Aspect Biosystems, and North Island College’s seaweed industry program.
