The national economy cranked out 67,000 jobs between August and September, while month-to-month growth in B.C. remained stagnant.
Data released Friday (October 7) from Statistics Canada reveals the national unemployment rate was left unchanged at 7% as more people entered the workforce looking for work.
B.C. lost about 600 jobs between August and September, pushing the unemployment rate from 5.5% to 5.7%.
“All in a positive report for the Canadian economy, and one that continues to show modest national growth and an ongoing shake-up in regional labour market strength. For the Bank of Canada, this is another data point arguing against a near-term rate cut,” BMO senior economist Robert Kavcic said in an investors’ note.
Despite B.C.’s uninspiring monthly performance, Statistics Canada noted the province has added 62,000 jobs between September 2015 and September 2016.
That’s a growth rate of 2.6% — the fastest rate among all provinces.
“It is too early to call an end to the pain in commodity producing provinces, but the last three months have seen something of a reversal in the Alberta versus B.C. dynamic, with job growth turning positive in the Wild Rose country, but decelerating in British Columbia,” TD economist James Marple wrote in a note to investors.
