Unemployment Rate In Nanaimo Skyrockets!

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Unemployment Rate Jumps to 16%

There seems to be a sudden jump in the unemployment rate in Nanaimo over the past two months, with the rate soaring to 16% last month. The reason for the escalation is not easy to get a handle on. The provincial unemployment rate sits at 8.8%

The raw data shows another 4,000 people came into the labour force in March of this year compared with March of last year. Last year the rate in March was 9%. Last year there were 48,500 people employed and that number has dipped to 48,200 this year.

There seems to be just as many job openings this year compared with last if you check the local Help Wanted sources. So, why the sharp increase in the umemployed numbers? Some factors could be an increase in people moving into the area, local businesses either laying staff off or simply not hiring, people coming off of welfare assistance who have previously run out their EI benefits and now are at the end of social assistance providing they are considered employable.

Whatever the real underlying cause of the increase in the unemployment rate is, the results are alarming, and it seems that none of our astute leaders are addressing the issue in any meaningful way. Perhaps this might be a good time to see if the local federal candidates have anything concrete to offer which could improve the situation.