Local unemployment rate drops to new record low

The local joblessness rate continues to set positive records.

Statistics Canada reported the unadjusted unemployment rate for the Thompson-Okanagan, which includes Vernon, fell to 3.1 per cent in November 2023.

That marked the third consecutive month where the unemployment rate was at a record low, beating out the 3.2 per cent set in October and the 3.5 per cent rate in September.

The local figure was also down from November 2022’s unemployment rate of 4.2 per cent.

Meanwhile, the economic region that includes Vernon saw the employment rate decline.

StatsCan reported the unadjusted employment rate was 55.3 per cent in November 2023, down from the 56.2 per cent in October and also down from the 59.5 per cent rate in November, 2022.

StatsCan noted the decline aligned with the amount of people working in the area, as the labour force was recorded at 302,400 this past November, down from 307,100 in October and from November 2022’s labour force of 322,600.

The Thompson Okanagan had the lowest unadjusted unemployment rate of any economic region in B.C., followed by Vancouver Island and Coast (3.9 per cent), and Lower Mainland-Southwest (5.3 per cent).

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

In November, the adjusted unemployment rate in Kelowna was 3.9 per cent, while the employment rate was 55.9 per cent.

Unemployment was up from October’s rate of 2.9 per cent, but was down from November 2022’s rate of 4.5.

The employment rate, meanwhile, was down from the 58.3 per cent rate in October, and from the 56.6 per cent rate from November 2022.

StatsCan reported Kelowna’s labour force to be 113,200 this past November, down from 116,800 in October but up from 112,300 in the same month of 2022.

British Columbia, as a whole, recorded an adjusted unemployment rate of 5.3 per cent in November, as well as an employment rate of 61.7.

The unemployment rate was down from the 5.4 per cent in October, though was up a full point from the 4.4 per cent rate in November of 2022.

B.C.’s 5.3 per cent unemployment rate was fourth lowest in the country in November after Quebec (4.8 per cent), Saskatchewan (4.8), and Manitoba (5.1)

The employment rate was unchanged from October’s figure, though down nearly half a point annually as November 2022’s rate was 62.1 per cent.

B.C.’s labour force increased to 2,973,900, up from 2,982,700 in October and up from the last November’s labour force of 2,887,700.

“This past month, B.C. had the highest private-sector job growth among provinces, with 25,500 new private-sector jobs. Self-employment decreased in November, although so far this year, B.C.’s self-employment is up by 17,100, ranking first among all provinces,” Brenda Baily, Minister of Jobs, Economic Development and Innovation, said following the release of StatsCan’s report.

“In November, the manufacturing sector saw an increase of 18,800 jobs. This year, we doubled the B.C. Manufacturing Jobs Fund to $180 million and provided $29.2 million to support economic development in rural communities, diversify local economies, promote value-added innovation and create well-paying jobs. This includes new projects in the forestry sector, which has experienced both challenging market conditions and a severe wildfire season.”

Bailey also stated that over 56,300 jobs have been created in the province so far this year, and that B.C.’s GDP has grown by 14.4 per cent since 2017, claiming it to be the highest increase among the large provinces.

Canada saw an adjusted unemployment rate of 5.7 per cent in November, and an employment rate of 61.9 per cent.

The national unemployment rate was up from October’s rate of 5.6 per cent, and was also up from last November’s figure of 5.2.

The country’s employment rate was unchanged from the rates recorded in both October 2023 and November 2022.