KELOWNA – The employment news was positive when the First quarter figures were recently released for BC. Kelowna is benefiting, as well, from these positive indicators.
The best news is that not only did employment grow, but it grew in the best area – full-time work. Hours worked also increased.
While the gains are modest, they are in fact, gains.
The numbers make the First quarter 2016 the fourth consecutive quarter with employment growth – 0.2 per cent each quarter.
Employment grew by 41,000 in March, and the unemployment rate decreased by 0.2 per cent, down to 7.1 per cent.
This means that year to date (March 2015 to March 2016) employment increased by 130,000 overall, a percentage growth of 0.7 per cent.
In terms of specific areas, employment grew in the 25-54 age group, both among men and women. Very little change was recorded in other demographic groups.
In terms of where the growth occurred, there was growth in Health Care, Social Assistance, Accommodation, and Food Services, as well as in Professional, Scientific and Technical Services, and other services. These jobs in most cases carry with them more job stability, benefits, and wage security.
How do we measure up to the USA? Job statistics are adjusted to “US Concepts” and Canada’s overall unemployment rate in March was 6.1 per cent as against 5.0 per cent in the US.
More men and women aged 25 to 54 employed
For people aged 25 to 54, employment rose by 40,000 in March 2016. Women saw more jobs gained than men: 22,000 for women, against 18,000 for men.
On the year over year basis, however, the 25-54 year old group was little changed.
Youths aged 15-24 saw steady employment numbers in March; the unemployment rate for that younger demographic was 13.4 per cent. However, that represents a drop in youth employment of 60,000 over twelve months. At the same time, it is important to note the demographic itself shrank by 44,000 as they “aged out” into the higher age group.
The demographic of 55 years and older saw little change in March of 2016, and they had an unemployment rate of 6.0 per cent. For the twelve months March 2015 to March 2016, employment in this group grew by 149,000, a growth rate of 4.2 per cent. The key reason for growth has been the “aging up” of the population, with gains in the demographic total from the 25054 age group.
A lot of numbers: but encouraging, and the indicators are moving in the right direction. The Okanagan continues to see growth in most of our key sectors, and our business owners and managers are reporting cautious optimism for the late spring and summer months.
– Caroline Grover is the CEO of the Kelowna Chamber of Commerce. She can be reached by email at caroline@kelownachamber.org.