Capital region unemployment rate drops slightly
Greater Victoria’s unemployment rate dropped slightly to 4.5 per cent in April from 4.8 per cent the previous month, as employers stepped up hiring.
April saw 2,200 more people employed in the capital region than in March, Statistics Canada said in its monthly labour force survey released Friday.
Sectors that experienced job increases year-over-year included wholesale and retail trade, which rose to 30,500 jobs in April from 25,800 in the same month last year.
Also up was public administration, with 32,200 jobs last month, up from 23,700 in April 2023. Educational services climbed to 23,300 from 18,700 jobs, while professional, scientific and technical services rose to 21,800 jobs from 19,200.
Job declines were seen in construction, manufacturing, health care and social services, and accommodation and food services.
The province as a whole gained 23,400 jobs in April from March and is up 93,000 jobs year-over-year, said Brenda Bailey, minister of Jobs, Economic Development and Innovation.
“B.C.’s private-sector gain of 23,100 in April is the largest among provinces,” Bailey said. “Compared to this time last year, our private-sector employment is up by 22,700, the second-largest increase among provinces over this period.”
This province now has the lowest unemployment rate in the country, at five per cent.
Bailey said the Labour Force Survey data show an “encouraging increase” in information, culture and recreation, and professional, scientific and technical services, “which is great news for B.C.’s technology and film sectors.”
Nationally, Canadian employers added 90,000 jobs in April, marking the largest employment gain in more than a year.
The jobless rate held steady at 6.1 per cent last month, Statistics Canada said.
It said April employment gains were driven by part-time work.
The Canadian job market has cooled significantly over the past year as the Bank of Canada’s interest-rate hikes have weighed on economic growth.
The unemployment rate is up a full percentage point from a year ago as population growth has outpaced job creation.
The data note unemployment is up across all major demographic groups, with youth taking the largest hit.
The April employment gain was the largest monthly increase since January 2023.
Employment increased in professional, scientific and technical services, accommodation and food services, health care and social assistance as well as natural resources.
Employment fell in the utilities industry.
Wage growth slowed last month to an annual pace of 4.7 per cent, down from 5.1 per cent in March.
The Bank of Canada will have an eye on Friday’s data as it gears up for its interest rate decision next month.
Economists are widely expecting the central bank to begin lowering its policy rate in June or July, with that decision highly dependent on the April inflation reading.