What happened: Both the province and the nation saw job losses in July
What it means: Declines come following more notable gains earlier this year, while wages still managed to squeeze out some increases
It turns out B.C.’s job market isn’t immune to what’s unfolding across the rest of the country.
Despite maintaining the country’s lowest unemployment rate in July at 4.4% (down 0.1 percentage points from a month earlier), new data released Friday (August 9) from Statistics Canada reveals the province lost 4,800 jobs last month.
Most jobs lost were full-time positions — down 12,900 — while gains were made in part-time positions with 8,100 jobs added.
It’s the second consecutive month the province has experienced declines after posting 3,700 losses in June.
The prior two months the province saw gains of 10,300 jobs in May and 5,900 jobs in April.
Meanwhile, the national labour market witnessed losses of 24,200 jobs in July — the third time in five months the country has posted declines.
“Unlike the relatively hot GDP figures of late, the employment 'three-peat' is one of effectively zero net job gains since April. This is concerning at first glance, but we should remember that this pause in job growth is coming on the heels of a string of robust gains earlier in the year. Net employment is up [353,000 jobs] year-on-year, driven by and large by full-time work,” TD senior economist Brian DePratto said in a note to investors.
“What's more, while it is being flattered somewhat by weakness around this time last year, wage gains accelerated well beyond market expectations, suggesting that the recent pause in net hiring may be reflective of tight labour conditions.
