Kelowna jobless rate improves, but still thousands out of work
Central Okanagan improves to 10% unemployment rate, below the national average
Kelowna’s economy regained almost 4,000 jobs last month but the unemployment rate fell only from 10.2 per cent to 10 per cent.
That’s largely because the total labour force also swelled as people idled by the COVID-19 pandemic began looking for work again.
The number of people employed in the Central Okanagan rose in July to 99,200, up sharply from the 95,600 who were working in June. But that’s still seven per cent less than were employed in July 2019.
The local labour force - defined as those people either working or actively looking for work climbed to 110,200 in July from 106,400. That is almost identical to the size of the labour force last year at this time.
However, with many jobs still vacant because of the ongoing pandemic, there are still 10,800 people unemployed in greater Kelowna, down only slightly from 11,000 who were jobless in June.
Still, the July jobs report presents some encouraging news as greater Kelowna’s unemployment rate of 10 per cent is now below the national average of 10.9 per cent, Statistics Canada reported.
In June, the national jobless rate was 12.3 per cent, and it was a record high 13.7 per cent in May.
Through May, June, and July, the economy has added 1.6 million jobs. But that’s still 1.3 million below the pre-pandemic level. About three million jobs were lost in March and April.
“The pace of increase in employment slowed in July relative to the prior month, and that’s likely to become a trend as the pace of easing in restrictions also slows down and the number of Canadians on temporary layoff falls,” CIBC senior economist Royce Mendes wrote in a note.
“The good news is that with virus cases low in Canada at the moment, the country isn’t facing an immediate risk of having to tamp down activity again,” Mendes wrote.
Greater Kelowna’s unemployment rate of 10 per cent in July compares to the B.C. jobless rate of 11.1 per cent. In June, the provincial unemployment rate was 13 per cent.
The unemployment rate actually increased slightly between June and July in Victoria and Vancouver.