Unemployment Numbers: July Update
Aug 08, 2014
July was a good month, all but two provinces showed improvement in the unemployment rate (NB/NS did worse). The improvement in almost all cases was due to reduced number of people in the labour market.
Alberta moved from 4.9% to 4.5% which is a very full employment number- but not because there were more workers and more jobs. The number of people in the labour force dropped and the number of workers also dropped, creating the strong gain in unemployment which may mislead a few people into thinking stronger health.
Saskatchewan moved from 3.9% unemployment to 3.3% unemployment- that is low! This was due to a labour force drop, no job increases and no additional people moving into Saskatchewan.
B.C. moved from 6.2% to 6.1% – BC has shown some good stability over the last quarter. Small movement in numbers but no real change, they’re holding steady.
The national unemployment rate was 7.0% in July, down from 7.2% a year earlier. The youth unemployment rate increased from 7.9% last July to 9.3% in July of this year.