Economic News from BCREA

At Downtown Suites we like to pass along economic information that impacts the Vancouver area, such as this Labour Force Survey from the BCREA:

Labour Force Survey – January 7, 2011

Employment in BC fell by 22,500 from November to December according to today’s labour force survey release. Despite a the labour force that shed 6,200 workers, the unemployment rate jumped to 7.6 per cent from 6.9 per cent in November. This marked change was more likely the result of sampling error than a notable shift in the labour market. The job losses were concentrated in construction (-10,200 jobs) and health care (-11,300 jobs). While the losses in construction employment can be partly explained by the number of completed projects in the fourth quarter, it’s unlikely that the relatively stable health care sector experienced such a dramatic number of lay-offs in a single month. Look for January’s labour force survey to record a bounce-back in the sector.

Employment in Canada edged up by 22,000 in December, with the unemployment rate holding steady at 7.6 per cent. A total of 369,000 jobs were created in Canada in 2010, up 2.2 per cent from 2009. Employment in Canada is now above the peak recorded in 2008.

US non-farm payroll employment increased by 103,000 in December, less than the expected 150,000. Hospitality, leisure and health care were the main drivers, but there was little change in other major industries. US unemployment fell by 556,000 to 14.5 million in December which moved the unemployment rate down to 9.4 per cent.

Source: BCREA