Thursday, 22 November, 2018

Local unemployment rate steady but high

Woman looking through a filing cabinet. GETTY IMAGES  Raphye Alexius Woman looking through a filing cabinet. GETTY IMAGES Raphye Alexius
Nellie Chapman | 04 November, 2018, 16:59

While a modest figure, the jobs bump in October was enough to inch the jobless rate down to 5.8% during the month, since more than 18,000 people reported they voluntarily left the work force during the month, which means they aren't classified as officially unemployed.

The slight deterioration reflected a net loss of 2,200 jobs offset in part by a decline of 1,700 in the labour force, which includes people looking for work.

Economists had expected an increase of 10,000 jobs and an unemployment rate of 5.9 per cent, according to Thomson Reuters Eikon.

London's unemployment rate is close to an all-time low.

There, the unemployment rate was down slightly from 6.4 per cent in September to 6.3 per cent in October.

The jobless rate in B.C. ticked down by a tenth to 4.1 per cent compared to 4.2 per cent in September.

In Prince Albert and Northern Saskatchewan, which includes numbers in our region, the unemployment rate jumped up to 7.2 per cent from 6.9 this time a year ago.

Experts have predicted wage growth to rise in the tightened labour market, but it has dropped every month since May when it was 3.94 per cent.

Nationally, Canada's unemployment rate fell 0.1 per cent to return to its four-decade low of 5.8 per cent. The number of new jobs was low at 11,200 and the average wage dropped to its lowest since late 2017.

Good news on the jobs front in Prince George.

Last week, the Bank of Canada bumped its benchmark rate for the fifth time in 15 months to 1.75 per cent.