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HomeNews100 Mile HouseCariboo Unemployment Rate Drops to 4.7% in October

Cariboo Unemployment Rate Drops to 4.7% in October

The unemployment rate has fallen by 1.2 percent in the Cariboo.

Statistics Canada analyst, Vincent Farrao said the numbers released Friday are from a three-month average for August, September, and October.

“We can compare it with the same time period a year ago and what we’re seeing is that the unemployment rate was 4.7 percent,” Farrao said.

“A year ago, same time period, it was 5.9 percent.”

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Despite the unemployment rate going down Farrao said fewer people are working in the Cariboo.

“We had about 79,000 people working and a year ago, same time period, it was about 83,000 people,” he said.

“The unemployment rate went down because there were fewer people in the labor market who were participating-another words either employed or looking for work.”

An area with fewer people working in was retail and wholesale while 1,300 more people were working in construction in the Cariboo.

B.C’s unemployment rate fell by 0.8 percent to 4.1 percent which is the lowest of all provinces. Canada’s unemployment rate is 5.8 percent compared to 6.2 percent last year.

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