PRINCE GEORGE, British Columbia, Nov. 02, 2021 (GLOBE NEWSWIRE) -- According to the BC Check-Up: Work, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on employment trends across the province, the Cariboo’s unemployment rate fell to 6.3 per cent in September 2021, down from 10.7 per cent in September 2020.
“While our region’s unemployment rate has come down over the past year, it is not due to job growth but rather a large number of former workers leaving the labour force,” said Corey Naphtali, CPA,CA, managing partner at KPMG Canada in Prince George. “In fact, over the past year 4,400 former job seekers have ceased looking for work in the region. This has contributed to the challenge some employers have had finding employees.”
The Cariboo’s labour participation rate – the portion of working-aged individuals actively seeking or employed – fell to 65.0 per cent in September 2021, a 3.9 percentage point decline compared to September 2020. As a result, the number of unemployed individuals (those seeking but unable to find work) was nearly cut in half over the past year.
As of September 2021, total employment in the region reached 85,500, the same number as in September 2020 and 3.7 per cent below September 2019 levels.
“The slow return in employment has resulted in our region’s employment remaining well below pre-pandemic levels,” continued Naphtali. “Further augmenting the challenge is that our region’s job loss has been concentrated amongst full-time positions. However, strength in the goods sector provides some optimism for our economic recovery.”
As of September 2021, full-time positions fell by 6,300 compared to September 2019, representing an 8.5 per cent decline. In contrast, part-time positions were up by 3,000 over the same period.
Goods sector employment reached 24,000 in September 2021, an increase of 9.6 per cent compared to September 2020. This job gain was due to the strength in natural resources and manufacturing, whose workforce swelled to 6,300 (+37.0 percent) and 10,300 (+19.8 per cent), respectively.
Job gains in the goods sector were offset by losses in the service sector, whose total workforce fell to 61,900 in September 2021, a decline of 3.3 per cent compared to last year.
“While our region’s workforce has come a long way from the steep job losses witnessed early in the 2020 recession, our economy has not returned to pre-pandemic employment conditions,” concluded Naphtali. “Business owners have also increasingly voiced a challenge finding employees. Given the significant decline in participation and hours worked in the region, it will be important to ensure we reduce barriers for displaced workers looking to re-enter the workforce.”
| Cariboo | Sep-19 | Sep-20 | Sep-21 |
| Unemployment rate (%) | 6.8 | 10.7 | 6.3 |
| Employment (1,000s) | 89.2 | 85.9 | 85.9 |
| Full-time (1,000s) | 73.9 | 67.6 | 67.6 |
| Part-time (1,000s) | 15.3 | 18.2 | 18.3 |
| Participation rate (%) | 69.1 | 68.9 | 65 |
To learn more, see www.bccheckup.com. Data is from Statistics Canada Labour Force Survey, follows a moving three-month average and is not seasonally adjusted.
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About CPA British Columbia
The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 38,000 CPA members and 6,000 CPA students. CPABC carries out its primary mission to protect the public by enforcing the highest professional and ethical standards and contributing to the advancement of public policy. CPAs are recognized internationally for bringing superior financial expertise, strategic thinking, business insight, and leadership to organizations.
