Monday, September 17, 2012

BC Labour Market Forecast Sept. 2012


VANCOUVER, BC, Sep 15, 2012/ Troy Media/ – Estimated employment in B.C. bounced back in August, erasing the sharp decline observed in July. Total employment rose by an estimated 14,900 persons (0.6 per cent) from July to 2.32 million persons.

While the month-to-month gain was significant, employment reverted back to a level consistent with post-April levels. Gains were led by a 3.8 per cent increase in part-time employment, while full-time employment was flat.

Growth was broad-based among industries, with the most significant gains in transportation/warehousing, and surprisingly, public administration. In contrast, manufacturing employment fell by 7,400 persons (3.9 per cent), but was still up 11 per cent from August 2011.
Smoothing out July’s employment decline, which may prove to be a statistical anomaly, net total employment growth has been negligible in recent months and consistent with broader economic factors including increased global economic uncertainty, and tempered retail sales and weaker housing conditions.

Average year-to-date growth remained steady at 1.9 per cent relative to the first eight months of 2011. Growth has been concentrated in the full-time sector, which was up 3.2 per cent from same period 2011, which offset a 2.5 per cent decline in part-time employment, suggesting a recovery in job quality.

August employment gains pared the provincial unemployment rate to 6.7 per cent, down from 7 per cent in July, but in line with the range observed through the first eight months of the year.
 
Vancouver Island-Coast
The latest seasonally-adjusted, short-term trends in labour market indicators were negative. Employment contracted by 8,000 persons (2.2 per cent) over the latest three month period. A declining participation rate suggests some unemployed workers have become discouraged and left the labour market. While the unemployment rate rose 0.4 percentage points over the latest three month period, the level has remained stable at 6.3 per cent.
Central 1 Credit Union

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