Local unemployment rate on the rise

The local labour force statistics moved in the wrong directions in May.

Statistics Canada reported the unadjusted unemployment rate for the Thompson-Okanagan economic region was 4.8 per cent in May.

The economic region that includes Vernon and the North Okanagan had an employment rate of 59.8 per cent that same month.

Comparatively, the local unemployment rate was 4.4 per cent and the employment rate was 61.3 per cent in April.

While the rates moved in the wrong directions on a monthly basis, it was an improvement compared to May of 2022 when unemployment was 6.0 per cent and employment was 58 per cent.

StatsCan did not include figures specific for Vernon, but did state the adjusted unemployment rate for Kelowna was 3.1 per cent while the employment rate was 64.3 per cent. Those figures are improvements from April’s 3.2 per cent unemployment and 63.3 per cent employment rates.

The data collection agency figures showed the local economic region had the second lowest unemployment rate in all of B.C., with only Vancouver Island and the Coast having a better figure at 4.1 per cent.

The Thompson-Okanagan also had the fourth highest employment rate in the province after Lower Mainland-Southwest (64.2 per cent), Northeast (62.8), and North Coast and Nechako (62.0)

The adjusted employment rate for British Columbia was recorded at 5.0 per cent, unchanged from April’s figure, while the employment rate dropped to 61.8 per cent in May from 61.9 per cent the month prior.

B.C. had the fourth lowest unemployment rate in the nation this past May, trailing Quebec (4.0 per cent), Saskatchewan (4.4), and Manitoba (4.8).

Brenda Bailey, Minister of Jobs, Economic Development and Innovation, said the monthly update showed that B.C.’s economy is continuing its stable growth of 1,400 jobs in May, for a total of 17,800 jobs added in 2023.

“That increase was driven by a gain of 4,300 full-time jobs, including 1,500 in women’s full-time employment,” Bailey said.

The minister added B.C.’s 5 per cent unemployment rate is fourth-lowest among all provinces, but above the historic lows seen in the winter.

“This means businesses are seeing more applicants for their vacant positions. Notably, B.C.’s average hourly wage of $34.21 is third-highest in the country, and B.C.’s year-over-year growth of 7 per cent leads all large provinces,” Bailey stated.

Nationally, the adjusted unemployment rate was recorded at 5.2 per cent in May and the employment rate was 62.3 per cent.

Those figures were down from the 5.0 unemployment rate and the 62.4 per cent employment rate in April. Compared to May of 2022, the national unemployment rate was unchanged, while the employment rate fell by 0.2 per cent.