BRITISH COLUMBIA – Canadian employment gained 84k jobs in October (0.5 per cent, m/m), following a gain of 378k in September. This is the sixth consecutive month of increases, putting national employment within 636k of its pre-COVID February level. The national unemployment rate was little changed at 8.9 per cent, as some provinces reinstated containment measures targeted at restaurants and bars, and recreational facilities. Compared to the same month last year, Canadian employment was down by 3.1 per cent(-598k).
Regionally, employment increased in five provinces, with the largest gains in BC and Ontario. In BC, employment grew by 33.5k (1.4 per cent, m/m) in October, following a gain of 55k in September. The province is now at 97 per cent of its pre-COVID February employment level. The unemployment rate fell for the fifth consecutive month, down by 0.4 percentage points to 8.0 per cent. Meanwhile, in Vancouver, employment increased by 52k jobs (3.8 per cent, m/m). Compared to one year ago, employment in BC was down by 3.3 per cent (-86K) jobs.
As expected, employment recovery was slower in October than the jumps we saw earlier on. Gains in industries that were hardest hit reported some backpedaling in October, as a few provinces reinstated containment measures. As COVID-19 cases continue to rise, the path to recovery will be tougher, especially if containment measures in Ontario and Quebec are prolonged, and if other provinces/territories decide to follow suit.
BCREA
