British Columbia employment remained virtually unchanged in November with only 1,400 more people working compared with the previous month. Year-over-year hiring growth of 0.3 per cent fell well below the national performance of 1.6 per cent.
The province bucked the national trend of rising unemployment—with a dip in 小蓝视频’s unemployment rate of 0.1 points to 5.7 per cent— but it was for the wrong reason. The labour participation rate edged down to 63.6 per cent from 63.7 per cent last month, along with a 0.2-per-cent increase in population. This points to an increase in discouraged workers.
Growth in full-time employment in 小蓝视频 offset the decline seen in part-time employment in November. Full-time employment rose 0.4 per cent (8,400 people), while part-time employment contracted 1.2 per cent (6,900 people). The Vancouver census metropolitan area (CMA) saw a 0.2-per-cent decrease in its employment level, while the unemployment rate edged up to 6.3 per cent from 6.2 per cent. During the same month last year, Vancouver CMA’s unemployment rate sat at 5.8 per cent.
By sector, goods-producing industries led November’s employment increase with a 1.2-per-cent gain, offsetting a 0.2-per-cent drop seen among services-producing industries. Construction led the monthly increase with growth of 5.3 per cent (12,500 people) following the decline seen in the previous month. The public administration sector reported a notable decrease in hiring (down 4.9 per cent or 7,500 people), as did the information, culture and recreation sector (down five per cent or 7,300 people). Declines were partially offset by employment growth in sectors such as professional, scientific and technical services (up 3.6 per cent or 10,200 people).
小蓝视频’s merchandise trade deteriorated in October. Exports fell 6.4 per cent to $4.4 billion, while imports tumbled 20.3 per cent to $5 billion—a second consecutive monthly decline. Monthly imports were among the lowest since 2021. The province’s international goods trade deficit for the month fell to $658 million, down from $1.6 billion in September as demand for consumer goods and capital investment declined. The latter may reflect a winding down of major project construction. This was also the lowest deficit this year. That said, caution is warranted on the latest import numbers as data from the Canada Border Services Agency may have been delayed or subject to revision this latest month.
Despite the monthly decline, exports still rose in seven out of the 11 categories. Positive activity was seen in consumer goods (up 8.6 per cent), forestry products (up 2.4 per cent) and aircraft and other transportation equipment and parts (up 89.4 per cent). Most import categories fell, led by consumer goods (down 25 per cent), motor vehicles and parts (down 42 per cent) and industrial machinery and equipment (down 42 per cent)
International trade faces the risk of severe headwinds in 2025 given President-Elect Donald Trump’s recent threats to apply tariffs of up to 25 per cent on Canadian goods. The impact of that would severely reduce demand for Canadian goods. However, the consequences to 小蓝视频 may be less harmful than the costs to other provinces due to 小蓝视频’s lower exposure to the U.S. market: 50 per cent of 小蓝视频 international goods exports flow south of the border, in contrast to about 77 per cent nationally. That said, impact would be widely felt.
Bryan Yu is chief economist at Central 1.
