Labour Market Information
- See additional Labour Market Information
From the Labour Market Analysis Unit, Program Services Directorate, BC/Yukon Regional Headquarters
Monthly Overview
The big news this month is that the unemployment
rate in BC
has reached an all-time low. At 5.1%, that’s
the lowest rate
on record (Statistics Canada’s records
go back to January
1976). Let’s have a look at what happened.
First, the number of jobs in the province increased
by 14,400.
That was more than sufficient to employ the
addition of 2,100
to the labour force. The remaining jobs went
to the
unemployed, which declined by 12,200 over the
past month
to 115,700. That’s the lowest number
of unemployed in BC
since November 1981. Back then, of course,
our labour force
was much smaller than it is today. As a result,
our
unemployment rate (unemployed/labour force)
fell to a record
low of 5.1%.
There are two more signs of labour market strength.
First, the
province’s “employment rate” (employed/population)
has
reached 62.0%. This rate is a measure of the
economy’s
capacity to create jobs for its population
base. It’s only
reached this rate three times since 1976. Second,
the
majority of the new jobs last month were full-time.
Our Address:
Suite 113 -
100 Park Royal South
West Vancouver, BC
V7T 1A2
Phone: (604) 925-6087
Fax: (604) 925-6097
Toll-Free: 1-877-422-3672
© Copyright 2005 IAHLA
