B.C. unemployment rate remains little changed, but faces headwinds
August 11, 2022
Unemployment in B.C. remained near record lows at 4.7 per cent in July, although news of layoffs and a slowing economy have crept into the overall picture.
The number is almost unchanged from 4.6 per cent in June, with some positive signs such as an increase in full-time employment and rising wages, said Bryan Yu, chief economist for Central 1 Credit Union.
“The headline is that it is still a very tight labour market,” Yu said. “(But) in the broader economy, I think there’s going to be a lot of headwinds coming up.”
Headwinds such as the retirement of baby boomers outpacing new workers entering the workforce, especially public-sector, as well as higher interest rates and inflation taking the wind out of consumer sales.
For instance, online marketing firm Unbounce said this week it is cutting 47 jobs, 20 per cent of its workforce, and online retailer Article Furniture, which is eliminating 216 positions across the country, 17 per cent of its payroll, serve as examples of what is yet to come.
Source: Vancouver Sun