Unemployment rate down in Prince George in August

Prince George’s unemployment rate dropped 0.7 percentage points to 5.1 per cent in August, according to data released by Statistics Canada on Friday.

The city’s unemployment rate stood at 5.8 per cent in July and 6.5 per cent in August 2021.

In August 55,800 people held down jobs in the city, while 3,000 people were looking for work, Statistics Canada reported.

The city’s labour force participation rate – the percentage of working-age adults working or actively seeking employment – was 70.9 per cent last month. That’s virtually unchanged from July, when the participation rate was 71 per cent, and up 0.9 percentage points from August 2021.

According to a provincial economic update released on Monday, B.C.’s unemployment rate was 4.8 per cent in August.

“Year-to-date to August 2022, employment was up 3.6 (per cent),” the report said. “B.C.'s economy is expected to continue its recovery this year and grow modestly next year. Real GDP is forecast to grow by 3.2 (per cent) in 2022 and 1.5 (per cent) in 2023.”

The province is expecting an operating surplus of $706 million for the 2022-23 financial year, three months into the budget year, B.C. Minister of Finance Selina Robinson said in a statement issued on Monday.

"While we can't ignore today's global inflation and the economic turbulence ahead, the province performed better than expected because British Columbians have worked hard to keep our economy going," Robinson said.

Nationally, Canada shed 40,000 jobs in August and unemployment rose 0.5 percentage points to 5.4 per cent, Statistics Canada reported. The country set a record low for unemployment in July.