BRITISH COLUMBIA – The British Columbia Real Estate Association recently reported on employment for August 2022. Statistics showed a declined by 40,000 (-0.2 per cent) to 19.527 million in August, falling for the third consecutive month.
The Canadian unemployment rate also jumped by 0.5 to 5.4 per cent, rising from the lowest rate on record in the prior two months and up for the first time in seven months. Average hourly wages were up 5.4 per cent year-over-year, increasing from 5.2 per cent in June and July. Wage gains remain below the inflation rate, however, which hit 7.6 per cent year-over-year in the most-recent data.
Total hours worked were unchanged in August, but are up 3.7 per cent year-over-year.
Employment in BC declined by 28.1k to 2.719 million in August, while Metro Vancouver’s employment fell by 2.1k month over month. The unemployment rate rose in August to 4.8 per cent.
Among the provinces, only Quebec currently has a lower unemployment rate.
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