FOLLOWING the release of Statistics Canada’s Labour Force Survey for May 2024 on Friday, Brenda Bailey, Minister of Jobs, Economic Development and Innovation, said: “In the face of high interest rates and slower global economic growth, B.C. remained steady this past month with job growth in the private sector (+3,700) and full-time employment gains (+2,100) and a total of 79,200 new jobs since May 2023.”
She added: “Compared to this time last year, B.C. has seen some of the strongest private-sector job growth in the country – second among provinces, with a gain of 32,800 private-sector jobs year over year.”
Bailey noted: ‘”Though it was overdue, we welcome this week’s interest-rate cut from the Bank of Canada. There’s still a long way to go, but it’s a start for people with mortgages or debt, and businesses seeing higher borrowing costs because of the rates. While the federal government and the Bank of Canada have tools to combat inflation directly, we are going to keep supporting people in B.C. by helping with costs.”
She also pointed out: “Our unemployment rate remains one of the lowest in the country at 5.6%, below the national average (6.2%). In May, private-sector employment increased by 3,700; public sector decreased by 12,600, and self-employment increased by 1,000.
“B.C. also continues to be a leader in women’s and youth employment. Year to date, B.C. women’s full-time employment has the largest increase of any province at 10,400. B.C. also has the largest year-over-year increase in youth employment among all provinces at 28,600.
“At a time when workers are feeling squeezed, we’re taking action to build an economy that works for everyone where workers get a fair wage. B.C.’s average hourly wage is the highest among provinces, and we’re seeing some of the fastest wage growth in the country year over year.
“But there’s more work to do, especially with the challenges of global inflation. On June 1, we increased the general minimum wage to $17.40 an hour, the highest of all the provinces and tied to inflation to provide certainty for employers. The increase will help approximately 240,000 workers who earned less than $17.40 an hour, prior to June 1.
“Today’s Labour Force Survey data shows an encouraging increase in the professional, scientific and technical services, which have gained 22,500 jobs compared to this time last year. This past week Simon Fraser University announced it will train more students to meet the demand in British Columbia’s thriving technology sector with the addition of 500 new student spaces, part of our government’s action to create 6,000 new tech seats since 2017. We’re taking action to train people for more good-paying jobs in communities herein B.C.
“We are taking action through our Industrial Blueprint and working collaboratively across all sectors to seize opportunities, drive growth and create jobs in a clean economy that works better for people.”
