Greater Victoria’s unemployment rate has increased slightly, but it isn’t because of job loss, a new report suggests.
on employment trends, Greater Victoria’s unemployment rate was 4.7 per cent in September 2022, a small increase from the 4.2 per cent rate that was recorded during the same period last year.
Lindalee Brougham, FCPA, FCA, FCGA, President of LL Brougham Inc., said in a press release that the increase in the unemployment rate wasn’t due to people losing their jobs, but rather because more people entered the labour force and were searching for work. CPABC’s report found that Greater Victoria’s workforce in September 2022 was 1.4 per cent larger than it was in September 2019, but population growth during the same period was 5.2 per cent.
“Given the significant labour shortages Greater Victoria has seen, it is encouraging to see more residents enter the labour force,” said Brougham. “However, a smaller proportion of residents were in the labour force compared to pre-pandemic levels.”Sign up for our newsletter to get breaking news and daily digests sent to your email.
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