B.C.’s job slump continues with biggest losses in ‘Hollywood North’

B.C.’s job slump continued through August, with those employed in Hollywood North seeing some of the biggest losses.

New numbers from Stat Canada show that the B.C. economy shed 15,700 jobs in August, including 9,400 full-time jobs and 6,400 part-time positions.

The unemployment rate is up a third of a per cent to 6.2 per cent, which is still below the national unemployment rate of 7.1 per cent.

Stats Canada says B.C.’s information, culture and recreation sector, which includes film workers, has shed 26,000 jobs over the past year.

“I think that the overall trend in B.C. is also similar to the Canadian picture that we’ve seen a couple of months now of significant and large job losses,” Byan Yu, chief economist with Central 1 told Global News.

“We are seeing unemployment rates in B.C. still remain quite a bit lower. About six per cent compared to again seven per cent nationally.

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So it does suggest that you know maybe there is some of that silver lining in B.C., where we do have a little bit more robust labor market but still it’s very clear that we are seeing a slowdown across the country in many markets.”

Most economists are predicting the central bank will cut its key lending rate when it meets on Sept. 17, partly because of the weak job numbers.

“It does increase those odds that we could see that cut as early as this month,” Yu said.

“You know, when we look at the GDP numbers that did come in slightly below where the Bank of Canada was projecting, another month of significant job losses as well, what we’ll need to see, of course, is that the inflation picture remains or softens or remains intact for that picture to end up easing.

“And we do think that’s going to happen.”

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