Angst about the economy? You are not alone.

January 2023 Labour Force Update

86% of Canadians are concerned about inflation and higher prices, according to a survey from the Workforce Confidence Index on LinkedIn. Age is a slight factor in levels of concern, with Millennials the most concerned (91%), followed by Gen X at 87% and Baby Boomers at 84%.

Millennials also noted the highest impacts to their mental health due to economic stress. People in all age groups are looking for ways to reduce costs or increase income.

This is reflected in the January Labour Force Survey which shows increases in the number of people who started to look for work alongside the continued low unemployment rates across the country. During uncertain economic times or periods of rising costs, it is common to see an influx of people starting to look for work out of necessity.

Let’s take a quick scan of what else the labour force had to say for January:

Kootenays

• 2,400 people started their search for work
• 1,800 people found a job
• 600 people became unemployed
• Unemployment rate was 3.5%, up .6%

Top industries where people got jobs:

1. 1,300 jobs in health occupations (excluding management)
2. 1,100 jobs in trades, transport and equipment operators and related occupations (except management)
3. 800 jobs in law, education, social community and government services (except management)

BC

• 15,300 people started their search for work
• 7,700 people found a job
• Unemployment rate was 4.4%, fourth lowest in Canada and down .3%

Top industries where people got jobs:

1. 4,100 jobs in construction
2. 1,400 jobs in agriculture
3. 1,000 jobs in utilities

Canada

• 153,000 people started their search for work in January
• Unemployment rate was 5%
• Non-permanent residents led Canada’s population growth at the fastest rate seen in over 50 years during the third quarter of 2022 (July – October)
• People looking for work was up amongst all major demographic groups, particularly women 25-54 and people 55-64 years

Top industries where people got jobs:

1. 59,000 jobs in wholesale and retail trade
2. 40,000 jobs in health care and social assistance
3. 18,000 jobs in educational services

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