Local jobless rate climbs by more than full point

The number of people working in the economic region that includes Vernon and the North Okanagan fell in January.

Statistics Canada reported the unadjusted unemployment rate for the Thompson-Okanagan was 4.8 per cent in January, while the employment rate was 54 per cent.

The local unemployment was up from 3.4 per cent in December and the 4.3 per cent rate recorded in the same month the year prior.

The employment rate was down from 54.4 per cent the previous month and from 58.6 per cent in January of 2023.

Provincially, the adjusted unemployment rate was recorded at 5.4 per cent, while B.C.’s employment rate was 62 per cent last month.

The unemployment rate was up down from the 5.5 per cent rate recorded in B.C. the previous month, but was almost a full point above the 4.5 per cent rate in January of 2023.

B.C’s employment rate was down from a rate of 62 per cent recorded in both December and January of 2023.

“Despite a slight month-over-month drop in employment (-2,600), our unemployment rate decreased to 5.4 per cent, below the national average and the fourth-lowest unemployment rate among provinces,” Brenda Bailey, B.C.’s Minister of Jobs, Economic Development and Innovation, stated.

“B.C. also has the lowest youth unemployment rate of 7.4%, among all provinces. Youth employment increased in January, adding to the largest year-over-year increase in youth employment among all provinces at 23,800. B.C. is focused on creating opportunities for young people, and those of all ages, through skills training so people can access good jobs, through our Stronger BC Economic Plan.”

She added that “B.C. is holding steady” as it faces a slower global economy and high interest rates, pointing to how the province has seen 70,900 new jobs created over the past 12 months, with more to come in the near future.

“In the face of a slower Canadian and global economy, January’s Canadian Federation of Independent Business barometer indicated positive signs for B.C. businesses. Long-term confidence was higher than the national average and the percentage of businesses planning to increase full-time staffing was up,” Bailey stated

“This confidence is reflected in the strength of our economy with decreasing office vacancy rates in downtown Vancouver, and an anticipated completion of some major construction projects in Metro Vancouver in 2024. Business and support-services employment are up this month.”

She added “thousands of new jobs” will be created in the province soon as construction continues at the Tesla service facility in Vancouver and new B.C. Hydro infrastructure projects, and through the proposed clean-energy hydrogen project and gold mine in the Cariboo.

Nationally, the unemployment rate was recorded at 5.7 per cent this past January, while the employment rate was 61.6 per cent.

Canada’s unemployment rate was down from the 5.8 per cent rate recorded both in December, though up from the 5 per cent rate in January of 2023.

The national employment rate was down from 61.7 per cent in December and 62.4 per cent in January of 2023.

StatsCan noted the decline in the national unemployment rate was the first on record since December of 2022.