Rate for April in the capital region was 3.3 per cent, up slightly from 3.2 per cent in March, but still third-lowest in the country
Greater Victoria’s unemployment rate grew marginally in April, but employers continue to struggle to hire during an ongoing labour shortage.
Sectors that saw declines in job numbers included public administration, educational services, professional, scientific and technical services, and wholesale and retail trade. Across the country, the labour market is showing no signs of the slowdown the Bank of Canada is hoping for to get inflation down to two per cent, something economists say could force the central bank to get off the sidelines and raise rates again.
The Bank of Canada paused its interest rate hiking cycle earlier this year, encouraged by slowing inflation. With its key interest rate sitting at 4.5 per cent, higher borrowing costs should force people and businesses to pull back on spending, and employers to rethink their hiring plans. And although the unemployment rate hasn’t budged, Orlando said there are signs that hiring isn’t happening as broadly in the economy.
The annual inflation rate in March was 4.3 per cent and is expected to fall to about three per cent by mid-year.
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