Unemployment rate in Prince George drops slightly to 5.8%

Dec 1, 2023 | 6:07 AM

PRINCE GEORGE — Prince George’s month-over-month unemployment rate dropped to 5.8 per cent in November from 6.3 percent in October.

Statistics Canada says the unemployment rate is still higher than it was November 2022, when it was 4.5 percent.

Statistics Canada says 53,200 people were working in November compared to 52,900 in October with more people working in construction and manufacturing and fewer people working in the wholesale and retail sectors.

Nationally, Statistics Canada says the unemployment rate ticked up to 5.8 per cent last month as job creation continues to lag population growth in the country, with the economy adding a modest 25,000 jobs.

Manufacturing and construction saw the largest gains in employment, while the most jobs were shed in wholesale and retail trade as well as finance, insurance, real estate, rental and leasing.

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As labour market conditions weaken, the survey finds unemployed people last month were more likely to have been laid off compared with a year ago.

The softer job market conditions come as high interest rates weigh on economic growth and a ballooning population adds to the number of people looking for work.

Despite those trends, however, average hourly wages continued to grow quickly, rising 4.8 per cent from a year ago as workers seek compensation for high inflation.

by Greg Fry with files from the Canadian Press

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Unemployment rate in Prince George drops slightly to 5.8%

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