Kelowna appears to be bucking the provincial trend when it comes to the unemployment rate.
According to StatsCan’s latest labour force survey, the unemployment rate in the Kelowna area dropped to 4.6% in January, down from 4.8% in December. Meanwhile, in B.C., the unemployment rate was up slightly to 4.4% from 4.2% in December.
In the Kelowna area, the number of employed jumped 1.4% from December and by 3.5% compared to January 2022. It now stands at 109,800 workers.
Nationally last month, the Canadian economy added 150,000 jobs, holding the national unemployment rate steady at 5%, just shy of the record-low 4.9% observed in June and July 2022.
According to the Statistics Canada’s survey, the 0.08% increase marked the continued upward trend in total employment in the country that began in September 2022.
The survey showed the employment gains were driven primarily by people 25 to 54, evenly split between men and women. People in that category accounted for two-thirds of the job increases. The majority of the other third were workers aged 55 and older. Employment among younger workers, aged 15 to 24 was little changed.
The national job gains last month were noted in several industries, led by wholesale and retail trade (59,000 new jobs), health care and social assistance (40,000) and educational services (18,000). At the same time, employment declined in January in transportation and warehousing (17,000 fewer jobs).
Employment in both the public and private sectors increased and the number of self-employed in Canada was little changed.
The survey also showed average hourly wages across the country rose 4.5% last month compared to a year ago in January 2022, up $1.42 per hour to $33.01.
Similar to Canada, employment in the U.S. grew strongly in January, with total non-farm payroll employment increasing by 517,000 jobs (+0.3%). At the same time, the U.S. unemployment rate was 3.4% in January, the lowest in more than 50 years.
In comparison, employment in Canada—using labour force survey data adjusted to US concepts—increased by 141,000 jobs (+0.7%) in January. The Canadian unemployment rate, adjusted to U.S. concepts, was unchanged at 4.0%.
