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November 15, 2023 - 3:30 PM
The unemployment rate fell last month in the Thompson-Okanagan but the drop is more of a reflection of the region’s shrinking workforce than a booming economy.
The Thompson-Okanagan unemployment rate was down 1.7% in October when compared to the same month last year, according to recent report by the Chartered Professional Accountants of BC.
There were 297,400 people working in the region last month, while at same time there were 6,300 fewer people looking for work. As a result, the labour force participation rate — the proportion of the working-age population who were either employed or unemployed — fell by 4.5% percentage points during the year to 58%.
“The unemployment rate in the region hit a record low for the month of October,” Karen Christiansen with the organization said in the release. “While that might sound like good news on the surface, our low unemployment stems from a shrinking labour force rather than strong employment numbers.”
In the second quarter of 2023, there were just under 19,000 unfilled positions in the Thompson-Okanagan, showing a decline of nearly 4,000 vacancies from 2022.
“Acute labour shortages still exist as employers are struggling to find enough suitable candidates in many industries,” Christiansen said.
The number of people working in the trades fell by 7,800. The information, culture and recreation sector suffered a loss of 5,700 workers. The services industry also declined by 13,500 workers, with 227,700 people still employed in the sector.
Meanwhile, the goods-sector employed 69,700 workers last month and is in similar standing compared to last year.
The region faces a number of challenges going forward.
“Attracting workers to fill existing skill gaps, especially as the population ages, is a priority,” she said. “Travel and tourism will continue to be a staple of the regional economy, and supporting growth in other industries is critical to the Thompson-Okanagan’s economic success.”
More information can be found on the BC Check-Up website here.
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