Greater Victoria’s unemployment rate dropped to 7.6 per cent in October.
This figure released by Statistics Canada marks an improvement compared to September, when the unemployment rate for the Victoria Census Metropolitan Area (CMA) stood at 9.1 per cent. The new figure confirms the improving trend in the region, where the unemployment rate jumped to just over 11 per cent in June after recording the lowest rate in Canada with a figure of 3.4 per cent in February against the economic effects of measures designed to fight COVID-19.
Kelowna’s CMA recorded the lowest unemployment rate among the four CMAs in British Columbia with a figure of 6.2 per cent. Victoria finished second, followed by Abbotsford-Mission (8.6 per cent) and Vancouver (9.7 per cent).
The provincial unemployment rate stood at eight per cent, with the national unemployment rate at 8.9 per cent, little changed from last month.
The latest figures appear against the backdrop of rising COVID-19 cases and the possibility of additional measures to combat the pandemic. Statistics Canada alludes to this point when the agency notes that employment growth has been slowing as new COVID-19 restrictions come into place.
The latest figures from Statistics Canada also reveal ongoing concerns about the economic effects. According to the agency, more than half (53.3 per cent ) of those who were unemployed and had been searching for work or on temporary layoff for 27 weeks or more, were living in households reporting difficulty meeting necessary expenses.
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