Unemployment Rate in Prince George Rises to 7.7 Per Cent
Prince George, B.C. – The unemployment rate in Prince George rose a full two points year over year in March according to newly released figures from Stats Canada.
Labour analyst Vincent Ferrao says it rose from 5.7 per cent in March 2016, to 7.7 per cent last month.
He says 46,900 people were working in March 2017, slightly more than the 46,400 that were working the same month a year earlier.
Ferrao attributes the increase in unemployment to “more people coming into the labour force looking for work.”
In the Cariboo, he says the unemployment rose from 6.7 per cent in March 2016 to 10 per cent last month.
“A significant change. We did have more employment – it increased by 2,700 workers this March compared to last March. However, the labour force increased by much more (6,000).”
Regionally, he says the retail and wholesale sector employed the most workers (roughly 12,000). About 6,300 people worked in the natural resources sector and another 6,300 worked in construction.
Provincially, Ferrao says B.C. continues to lead the country in job growth at 3.5 per cent year over year – resulting in 81,900 more full-time jobs.
He says the new jobs were spread out – with 19,000 in the finance/insurance/real estate sector. Another 19,000 in the information/culture/recreation sector and about 16,000 in construction.
The unemployment rate dropped a full point to 5.4 per cent – the lowest among all the provinces.
Federally Ferrao says the unemployment rate dipped from 7.1 per cent to 6.7 per cent with a growth rate of 1.5 per cent. That was good for 276,000 new jobs.