“Yes and no,” said Will Gow of job search help agency CBD Network, which has offices in Penticton, Vernon and Kelowna.
“Of course, most people hear the unemployment rate is higher in the Valley and they think: That‘s a bad thing. And it is. But it can also mean that the economy is turning around and more people are confident about finding a job, so they have joined the search.”
Gow was reacting to figures released on Friday by Statistics Canada that show the jobless rate in January in the Thompson- Okanagan was 8.5 per cent, up sharply from 7.4 per cent in December and seven per cent in January 2009.
“I‘m not surprised,” said Gow.
“I predicted last month that the Valley probably has two or three more months of increases in the unemployment rate as the economy improves and more and more people flood into the job market.”
Such a scenario pushes the jobless rate up because it will take those job searchers an average of three to five months to find work.
“We work mostly with skilled professionals who are looking for work, and right now it‘s probably taking most of them about five months to find the right job at the right pay,” said Gow.
Also pushing up the jobless rate is the fact that a lot of unemployed people – who technically weren‘t classified as searching – have seen their employment insurance benefits or training programs run out, so they are now seriously looking.
Tough economy or not, the Okanagan‘s allure as a lifestyle destination continues to see people move here – some with a job, some without.
As the economy strengthens and seasonal hiring happens in the spring and summer, the Okanagan‘s unemployment rate should start to decline in April, May and June, said Gow.
The Okanagan‘s rate of 8.5 per cent falls in the middle of pack when compared to other cities across Canada.
Some with higher rates include Windsor, St. Catherines and Sudbury in Ontario at 12.8, 11.2 and 10.4 per cent, respectively.
On the lower end are Quebec City, Regina and Saskatoon at 4.5, 4.8 and 4.8 per cent, respectively.
B.C.‘s January jobless rate was 8.1 per cent, down from 8.3 a month earlier.
Nationally, the unemployment rate last month was 8.3 per cent, a one-10th of a percentage point improvement from December 2009, due mostly to growth in part-time jobs.
