Some wild swings in the B.C. labour force marked the month of November, according to Statistics Canada.
Friday data reveals the province added 1,400 jobs to the economy, shedding 6,900 part-time jobs and adding 8,400 full-time jobs between October and November.
B.C.’s unemployment rate fell 0.1 percentage point to 5.7 per cent, while the national rate jumped 0.3 percentage points to 6.8 per cent.
The West Coast tech sector (+10,200 jobs) and construction industry (+12,500 jobs) fared well last month.
But notable losses hit the info/culture/recreation category (-7,300 jobs), which is associated with the film and TV sector. It’s seen big swings back and forth since the conclusion of Hollywood strikes in 2023.
Other big losses were also felt in public administration (-7,500 jobs) and other services (-9,300 jobs).
November’s scant addition of jobs to the provincial economy comes at the same time the nation added 51,000 jobs.
B.C.’s labour force grew by 8,300 positions in October after losing 18,000 jobs in September.
Economists are mixed on what the latest national jobs data means for the Bank of Canada when it makes its next interest rate decision Dec. 11.
TD senior economist James Orlando said in a note despite the “messiness” of Friday’s jobs report, data shows signs of strength for consumer spending, the real estate market and price pressures.
He forecasts a rate cut of 25 basis points, “but it will remain a close call for the central bank.”
BMO chief economist Douglas Porter said the jump in Canada’s unemployment rate has pushed him and his colleagues to switch their forecast to a cut of 50 basis points next week.
“When the facts change, we change, and the sharp rise in the jobless rate is a big change, especially after two months of calm,” he said in a note.
“To be clear, this is what we believe the Bank will do, not necessarily what we believe that they should do.”
