Canadian Employment (January 2022) - February 4, 2022

Canadian Employment (January 2022) - February 4, 2022

Canadian employment declined by 200,000 (-1.0%) in January following seven consecutive months of gains, according to Statistics Canada. Employment losses in January were driven by stricter public health measures implemented to control Omicron in Ontario, Quebec, and in the Maritimes during the survey reference week of January 9 to 15.

In January, youth, core-aged women, and workers in food and accommodation suffered the largest drops in employment. Part-time workers saw steeper losses (-117,000; -3.3%) relative to full-time workers (-83,000; -0.5%). In January, 10% of workers reported being absent from work due to sickness or injury. The Canadian unemployment rate rose 0.5% to 6.5% in January, while the labour force participation rate declined 0.4% to 65%. 

In BC, the economic story diverged from much of the rest of the country. Employment rose modestly (+4,200; 0.2%), remaining at the highest level since the pandemic began. The unemployment rate continued declining in January, reaching 5.1%. For the first time since the pandemic began, the unemployment rate in BC reached pre-pandemic levels, falling below the level of  February 2020. BC is now tied with Manitoba for the lowest unemployment rate among the provinces.

Link: https://mailchi.mp/bcrea/canadian-employment-january-2022

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BCREA is the professional association for more than 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research, and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.