Regional unemployment on the rise

The local region’s unemployment rate increased last month.

Statistics Canada reports the unadjusted unemployment rate for the Thompson-Okanagan economic area was 4.7 per cent in March 2023.

That marked an increase from the previous month’s rate of 4.2 per cent for the region that includes Vernon and Kelowna.

Though up on a monthly basis, the unemployment rate was down from the rate of 6.4 per cent recorded in March 2022.

The local unadjusted employment rate also declined on a monthly basis, coming in at 57.4 per cent in March, down from February’s 58.1 per cent.

On an annual basis, the employment rate was improved from March 2022’s figure of 56.6 per cent.

(Editor’s note: Seasonal adjustment is a statistical technique that attempts to measure and remove the influences of predictable seasonal patterns to reveal how employment and unemployment change from month to month).

StatsCan did not provide data for Vernon, but did have some stats from municipalities in the area.

Kelowna’s adjusted rates were 3.4 per cent unemployed and 61.1 per cent employed. The unemployment rate was down from February’s 3.5 per cent, while the employment rate was up from the previous month’s 59.3 per cent.

The local changes were recorded as B.C., as a whole, saw the unemployment rate go down in March.

StatsCan’s data showed B.C. had an adjusted unemployment rate of 4.5 per cent, down from February’s 5.1 per cent.

The provincial employment rate also declined, falling to 62.0 per cent in March from February’s 62.2 per cent.

The data collection agency also noted there was a monthly increase of 1,400 full time jobs, though part time jobs decreased by 1,500 in B.C. between February and March.

“With the first signs of spring and following steady overall job increases this year, B.C. job numbers in March remained consistent, despite the ripple effects of global economic uncertainty that are being felt around the world,” Brenda Bailey, Minister of Jobs, Economic Development and Innovation stated.

“B.C continues to remain resilient with the second-lowest unemployment rate among provinces at 4.5 percent. So far in 2023, B.C. has added 14,300 jobs, 5,300 of those in the private sector.”

Nationally, the adjusted unemployment rate was recorded at 5 per cent, while the employment rate was 62.4 per cent in March.

Both those rates were unchanged from Canada’s figures in February.

However, they did mark annual improvements, as Canada had an unemployment rate of 5.3 per cent and an employment rate of 62.2 per cent in March 2022.