What do the latest employment numbers mean for you?
Statistics Canada released July’s Labour Force Survey last Friday, and we’ve had a chance to dive into the data. Here are a few noteworthy stats about our Kootenay region and Canada (definitions included at the end).
Kootenay Region, July over June 2022
- Population increased by 100 (up 2,300 compared to July 2021)*
- Labour force decreased by 100 (down 300 compared to July 2021) *
- Employment was down 200 (yet up 1,300 over July 2021) *
- Unemployment increased yet is still down 1,600 compared to July 2021*
- Slight decrease in both labour force participation and employment rates*
- Unemployment rate edged up slightly .1% to 3.9% (July 2021 it was 5.8%)*
What does this mean for our region?
We are in a rapidly changing and evolving labour market that continues to respond to pandemic conditions, high inflation, and persistent labour market shortages. In our region, we are not exempt from these conditions.
In July, our region saw a slight decrease in labour force participation and an increase in our unemployment rate (currently 3.9%*; national unemployment rate is 4.9%**). Yet our unemployment rate remains almost 2% lower than what it was in July 2021.
Though the unemployment rate has increased it doesn’t necessarily mean the labour shortage is over for the region. As this specific data does not remove annual seasonal events, an increase could be from an event like seasonal jobs ending and workers from those now unemployed and job searching.
Job seekers remain in the position of power as the region continues to have labour shortages. This trend is anticipated to continue.
Nationally, inflation is up 8.1% June 2022 from June 2021 continuing to place pressure on Canadians as it outpaces average hourly wage increases (5.2%, + $1.55 to $31.14*) over the same period.
If you are a job seeker, now’s the time to take a chance on a job you may not have considered a year ago. Connect with one of our program Project Specialists to discuss your application or get support in your search!
If you are an employer, now is a time to evaluate your recruitment practices and policies to consider how to attract and retain highly sought after employees.
If you want to explore more details about the latest labour market numbers, read the full survey here.
- Working age: 15 years and over
- Population: number of working age people
- Labour Force: total employed and unemployed working age people in the population
- Employment rate: percentage of employed working age people in a group of the labour force
- Unemployment rate: percentage of unemployed working age people in a group of the labour force
- Participation rate: percentage of employed/unemployed working age people in a group of the population
- Seasonally adjusted: data that removes changes caused by regular annual seasonal events that happen each year (ie. climate, holidays, vacation, crop cycles, production/retail sales for holidays, etc)
- Seasonally unadjusted/actual: data that does not remove regular seasonal events
Sources: Statistics Canada. Table 14-10-0387-02 Labour force characteristics by province and economic region, three-month moving average, unadjusted for seasonality (x 1,000). doi: https://doi.org/10.25318/1410038701-eng The Daily — Labour Force Survey, July 2022 (statcan.gc.ca) August 5, 2022
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