What happened: Job gains in part-time positions offset by big full-time losses
Why it matters: B.C. has been experiencing labour shortages amid months of uninterrupted gains in employment
B.C.’s employment party had to end at some point.
Job creation on the West Coast eased up in June following months of uninterrupted gains, according to data released Friday (July 5) from Statistics Canada.
The province lost 3,700 jobs between May and June while the unemployment rate ticked up from 4.3% to 4.5% during that same period.
While B.C. managed to post a gain of 3,000 part-time positions, those were all offset by the losses of 6,700 full-time jobs.
On a national basis the country lost 2,200 jobs while unemployment grew 0.1 percentage points to 5.5%.
“No new jobs were created in June, but the surge in wage growth is sure to catch the attention of the Bank of Canada,” TD Economics senior economist Fotios Raptis said in a note to investors, pointing out wage growth for permanent employees rose 3.6% year-on-year from a 2.6% pace in the previous two months.
“With inflation at target, low unemployment, and wage gains more in line with expectations of policymakers at this point in the cycle, there is little motivation for the Bank of Canada to change course. Unlike our southern neighbour, interest rate ‘insurance’ cuts remain unlikely this year.”
