NEWS RELEASE
For Immediate Release 2005FIN0020-001006 Nov. 4, 2005	Ministry of Finance
B.C. UNEMPLOYMENT RATE LOWEST IN 30 YEARS

VICTORIA – British Columbia created 14,400 new jobs in October, while the unemployment rate fell to 5.1 per cent, the lowest monthly rate in 30 years.

 

“The latest numbers from Statistics Canada show British Columbia remains the country’s top job-creation engine,” said Finance Minister Carole Taylor. “Our economy has created over a quarter-million new jobs since December 2001 and that’s why we’re seeing unemployment dropping to new lows. While the month-to-month numbers can go up or down quite suddenly, the annual trend remains very positive.”

 

Year-to-date for 2005, B.C.’s economy has generated 65,400 new jobs. Compared to the same period last year, that represents an increase of 3.2 per cent – the strongest rate among the provinces and well above the national rate of 1.4 per cent.

 

“While we’re pleased with the job numbers, our work isn’t finished,” said Taylor. “It’s more important than ever to keep the budget balanced, keep our taxes competitive, and keep working towards a stronger economy. We need to keep our economy strong to sustain health care, education, and all the other programs and services British Columbians rely on.”

October’s job growth centred on service industries, led by retail and wholesale trades. The bulk of employment gains were among youth aged 15 to 24, with 8,600 new jobs. The number of full-time jobs rose by 8,900 while part-time employment rose by 5,400.

 

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Media contact:	Robert Pauliszyn Communications Director Ministry of Finance 250 356-2821
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