By Greg Fry with files from Canadian Press

Jobs

Year-over-year unemployment rate in Prince George rises to 8.8 per cent

Aug 4, 2023 | 6:31 AM

PRINCE GEORGE — Statistics Canada has released the job numbers for July and they don’t paint a pretty picture for Prince George.

According to Labour Analyst Vincent Ferrao, the unemployment rate in July rose from 5.4 per cent in July 2022 to 8.8 per cent last month.

“The number of people employed dropped from 56,100 in July 2022 to 49,500 last month in Prince George and the number of unemployed people rose from 3,200 to 4,800.”

He says most of the declines came in full-time positions.

Nationally, Statistics Canada says the country lost a modest 6,400 jobs with the unemployment ticking up to 5.5 per cent amid population growth.

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July marks the third consecutive month that the unemployment rate has risen, signalling some loosening in the labour market.

Wage growth bounced back last month however, rising 5 per cent year-over-year.

The federal agency says job losses were led by the construction industry, while the greatest job gains were made in health care and social assistance.

Rising unemployment comes as high interest rates weigh on the economy, making borrowing more expensive for both businesses and consumers.