Local unemployment rate stalled while employment rate fell in February

Data from Statistics Canada shows that employment in the economic region that includes Vernon and Kelowna fell in February.

The unadjusted employment rate for the Thompson-Okanagan region was recorded at 56.5 per cent in February, down from 57.2 per cent in January.

February’s employment rate was the lowest recorded in the region since a rate of 55.6 was recorded in June of 2021.

The unemployment rate for the Thompson-Okanagan was recorded at 5.9 per cent, which is unchanged from the rate recorded in January.

The local unemployment rate was well down when compared to February of 2021, when the rate was recorded at 7.5 per cent, whereas the employment rate is down slightly from the 56.8 per cent recorded that same month.

British Columbia’s unadjusted employment rate was recorded at 61 per cent in February, while the unemployment rate was 5.1 per cent.

Those figures reflect a 0.1 per cent decrease in the employment rate and a 0.1 per cent decrease in the unemployment rate when compared to January.

On a year-over-year basis, the provincial employment rate was up 1.3 per cent while the unemployment rate was down 2.4 per cent.

Canada as a whole had an employment rate of 60.6 per cent and an unemployment rate of 5.9 per cent.

The national employment rate was down 0.2 per cent compared to January while the unemployment rate was unchanged.

Compared to February of 2021, the national employment rate was up 1.8 per cent while the unemployment rate was down 2.9 per cent.