Prince George’s unemployment rate dropped to 3.5 per cent in October, according to data released by Statistics Canada on Friday.
Unemployment was down from September, when the city’s unemployment rate was 4.3 per cent, and nearly half what it was in October 2021, when unemployment stood at 6.9 per cent.
The city’s labour force participation rate, the percentage of working-age adults working or actively seeking employment, dropped to 68.1 per cent in October – down from 69.9 per cent in September and 69.3 per cent in October 2021.
Prince George’s unemployment rate dropped below the provincial average in October. B.C.’s unemployment rate dropped 0.1 percentage points from September to 4.2 per cent in October.
"As we continue to make our way through 2022, British Columbia added nearly 10,000 new jobs in the month of October,” B.C. Jobs Minister Ravi Kahlon said in a statement released on Friday. "Last month, we saw significant growth in our manufacturing and construction sectors, which speaks to the efforts of so many to build the homes and infrastructure we need and help bolster and grow our supply chains so people can benefit from their products being made closer to home.”
The national unemployment rate stayed unchanged at 5.2 per cent, despite the economy adding 108,000 new jobs in October, Statistics Canada reported.
"As the Bank of Canada tackles rising inflation through higher interest rates, we know people and businesses are being affected,” Kahlon said. “Forecasters are projecting global economic challenges ahead. B.C. is not immune to global challenges, but no matter what is on the horizon, we will keep being there for people and businesses.”
