Local unemployment rate stalled, employment declined

The economic region that includes Vernon saw no change on a month-over-month basis in January.

Statistics Canada reported the unadjusted unemployment rate for the Thompson-Okanagan economic region as 4.3 per cent in Jan. 2023.

That was the same rate recorded in Dec. 2022, though marked an improvement from the 6 per cent unemployment recorded in January 2022.

The local unadjusted employment rate was recorded at 58.6 per cent in January.

That figure was down more than half a point from the 59.3 per cent rate the month prior, but was up from the 57.4 per cent rate the previous January.

StatsCan did not provide data specific for Vernon, but did have figures for Kelowna.

In January, 2023, Kelowna’s adjusted unemployment rate was recorded at 4 per cent, while the employment rate was 57.8.

Those figures both improved from the 4.2 per cent unemployment and 57.1 per cent employment rate in December.

British Columbia as a whole meanwhile recorded an adjusted unemployment rate of 4.4 per cent, and an employment rate of 62.2 per cent in January.

The unemployment rate was up from the 4.1 per cent recorded in December, however the employment rate was also up from the 62.1 per cent recorded the previous month.

StatsCan noted full-time employment in B.C. rose by a full percentage point between December and January, while part-time employment declined by 2.5 per cent.

“The first jobs report of 2023 shows the continued strength and resilience of British Columbians, as people and businesses continue to work together to navigate the effects of global uncertainties, inflation, and the long-lasting effects of the pandemic,” stated Brenda Bailey, B.C.’s Minister of Jobs, Economic Development and Innovation.

“B.C’s growth was steady with the addition of 22,000 new full-time jobs in January, while our unemployment rate remains near all-time historic lows at 4.4 per cent; one of the lowest in the country. B.C.’s total job growth in January was 7,700, reflecting a loss of part-time positions coming out of the holiday period.”

Nationally, Canada’s adjusted unemployment rate saw no monthly changes as it was recorded at 5 per cent in January. StatsCan stated the unemployment rate declined by 0.1 per cent among people aged 25 to 54, but did increase 0.2 per cent for people aged 55 and older.

The national employment rate rose to 62.5 per cent, up from 61.8 in December, as 150,000 jobs were filled across the country in January. That drive was mainly fueled by people aged 25 to 54, who took on over 100,000 of those positions.

StatsCan noted the last time the national employment rate was recorded at 62.5 per cent was in April and May of 2019.