Thompson-Okanagan unemployment rate falls as labour force shrinks

Unemployment rates in Kelowna and Kamloops fell in January after declines in the local labour force, with Kamloops at 4.8% and Kelowna at 6.8%.

Unemployment rates in Kelowna and Kamloops fell in January, according to Statistics Canada. The changes reflected both job gains and drops in the local labour force across the region. Kamloops recorded a stronger drop and Kelowna’s rate fell despite a loss of jobs because fewer people were counted as looking for work. Provincial and national data showed mixed signals, including job losses in some sectors and modest wage growth. Key facts: - Kamloops unemployment fell by about three percentage points to 4.8% in January; it had been 10.7% in July. - Kelowna’s unemployment rate was 6.8% in January; the city lost about 1,300 jobs while its labour force fell from roughly 143,800 in December to 139,600 in January. - Kamloops gained about 200 jobs in January while its labour force dropped by nearly 2,000 people. - The Thompson-Okanagan unemployment rate fell from 7.4% to 6.8%; B.C.’s rate was 6.1% and the national rate was 6.5% in January. - Canada lost about 25,000 jobs in January, with manufacturing shedding roughly 28,000 positions and down about 51,000 year-over-year. - Average hourly wages rose 3.3% year-over-year; the Bank of Canada held its policy rate at 2.25% and its next decision is scheduled for March 18. Summary: The regional decline in unemployment largely reflected a smaller labour force in Kelowna and modest job gains in Kamloops, producing a lower Thompson-Okanagan rate. National data showed job losses concentrated in manufacturing and parts of the private sector alongside modest wage growth. Officials and economists noted trade uncertainty and ongoing policy decisions as part of the broader context; the Bank of Canada’s next rate decision is set for March 18.