Statistics Canada data released in October show B.C. shed 20,200 jobs in September and its unemployment rate edged down 0.1 percentage point to 6.4%.
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British Columbia’s labour market weakened in September, with the province losing 20,200 jobs compared with the previous month, according to Statistics Canada data released Friday.
The unemployment rate in B.C. fell by 0.1 percentage point to 6.4 per cent, while more British Columbians left the labour force.
Nationally, Canada shed 68,000 jobs and the unemployment rate rose by 0.1 percentage point to 6.5 per cent.
In B.C., the biggest job losses were concentrated in health care and social assistance (-10,600 jobs), construction (-9,800 jobs) and manufacturing (-8,100 jobs).
The majority of the losses were in full-time work (-16,700 jobs).
Some job gains were reported in professional, scientific and technical services (+16,400 jobs) and in business, building and other support services (+7,300 jobs).
RBC senior economist Claire Fan said that monthly employment counts are “notoriously volatile” and cautioned against reading too much into a softer result quickly, adding that the unemployment rate is a “more stable and reliable gauge” of labour market conditions.
Fan noted that while the national unemployment rate ticked up slightly between months, it remained 0.6 percentage points below the same time last year.
TD senior economist Andrew Hencic said he expects the Bank of Canada will maintain its key rate when it makes its announcement Oct. 28, and he suggested unemployment is more likely to “tread water” over the coming months.
CIBC senior economist Andrew Grantham agreed that it is important to focus on the unemployment figures rather than headline job losses, and he said the weakness in the data is “likely more a reflection of data volatility” than the impact of new U.S. tariffs.
Grantham said the softness in the report supports CIBC’s call that the Bank of Canada will remain patient and keep interest rates on hold for now.
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