Job growth slowed in B.C. last month as the province added 500 positions to the economy — down significantly from a month earlier when the West Coast labour market added 6,100 jobs.
B.C.’s unemployment rate ticked upward by 0.1 percentage point to 4.7 per cent, while the national rate was unchanged at a historic low of 4.9 per cent as the country lost 30,600 jobs at the same time many departed the labour market. “The latter view is supported by a drop in the participation rate, which dipped a further two ticks to 64.7 per cent after dropping four ticks in June. Even the 15-64 group saw a big three-tick pullback in participation to 79.1 per cent, after reaching a record high 79.7 per cent as recently as March … Canada's job market is clearly losing momentum in a hurry, likely due to both a marked cooling in the broader economy but also because a lack of available workers.