By Greg Fry with files from Canadian Press

Jobs

The year-over-year unemployment rate drops in Prince George in May

Jun 7, 2024 | 8:34 AM

PRINCE GEORGE — The year over year unemployment rate in Prince George dropped in May.

Statistics Canada says last month it was 4.7 per cent, down from 7.9 per cent in May of last year. The greatest job gains were in healthcare and social assistance while the biggest losses were in natural resources.

Labour analyst Vincent Ferrao says the participation rate in Prince George – which is the total labour force relative to the size of the working age population (those aged 15 and over), increased from 63.8 per cent in May 2023 to 66.5 per cent last month.

Provincially, the unemployment rate came in at 5.6 per cent, that’s up from 5.2 per cent in May of 2023.

Nationally, Canada’s unemployment rate increased to 6.2 per cent in May as employment fell in construction, transportation and warehousing as well as utilities.

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Canada added 27,000 jobs last month but saw full-time job losses and an increase in the number of part-time jobs.

Statistics Canada says the rate of part-time workers who couldn’t find full-time work also rose.

The report suggests the Canadian job market continues to soften as high interest rates weigh on consumers and businesses.