BCREA ECONOMICS NOW
Canadian Employment - August 10, 2012
The Canadian economy shed 30,000 jobs in July, following two straight months of flat payrolls. The decline in employment was entirely due to large losses of part-time employment while full-time jobs actually rose by 21,300. The Canadian unemployment rate ticked higher by 0.1 point to 7.3 per cent.
BC employment fell by 15,000 in July, pushing the provincial unemployment rate to 7 per cent. BC saw nearly 10,000 new full-time jobs added in July, while part-time employment fell 24,100.
Overall, today's labour force survey numbers are not nearly as bad as the headline. Full-time employment continues to post solid growth in BC, averaging nearly 5,000 full-time jobs per month, the strongest full-time job growth since 2005. While month-to-month employment will continue to be volatile, we expect BC employment to grow 2 per cent this year.
For more information, please contact:
Cameron MuirBrendon Ogmundson
Direct: 604.742.2780Direct: 604.742.2796
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