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Canada’s lowest unemployment rate on record with BC performing best

Statistics Canada released a historical point of goods news today (January 5): the country is experiencing its lowest rate of unemployment for as long as comparable records exist.

“The unemployment rate continued on a downward trend, decreasing by 0.2 percentage points to 5.7%, the lowest since comparable data became available in January 1976,” reads a Statistic Canada media release.

For B.C., the percentage is even lower.

“In the 12 months to December, the unemployment rate in British Columbia fell by 1.2 percentage points to 4.6%, the lowest among all provinces,” the release continues.

“In 2017, British Columbia closed out the year with an employment growth rate of 3.4%. The gains in 2017 were almost all in full-time work, and were mainly in health care and social assistance; construction; and finance, insurance, real estate, rental and leasing.”

Things also continue to begin to look better in neighbouring Alberta, where the province’s oil-based economy has been slow to recover since fracking and horizontal-drilling technologies took off across the United States.

“The unemployment rate fell from 8.5% at the end of 2016 to 6.9% at the end of 2017,” the release states.

“Following a slide in employment from the autumn of 2015 to the summer of 2016, the labour market in Alberta added workers in 2017, with a growth rate of 2.4% ,” it continues. “The employment gains were attributable to manufacturing; wholesale and retail trade; natural resources; finance, insurance, real estate, rental and leasing; and transportation and warehousing. The unemployment rate fell from 8.5% at the end of 2016 to 6.9% at the end of 2017.”

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