Canadian employment increased by 26,000 jobs in August, led by a jump in full-time employment. In spite of strong job growth, the national unemployment rate moved 0.1 points higher to 7 per cent due to a large increase in labour market participation. Total hours worked, which is highly correlated with economic growth, was down 0.4 per cent compared to this time last year as the impact of a second quarter contraction in GDP lingers in the labour market.
In BC, employment declined by 6,600 jobs, only the second monthly decline in employment all year. Despite the decline, the provincial unemployment rate remained the lowest in the country at 5.5 per cent and provincial job growth year-to-date is the strongest in the country at 3.1 per cent.
Copyright British Columbia Real Estate Association. Reprinted with permission.