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B.C. adds 33,300 jobs in September, unemployment plummets

B.C. adds 33,300 jobs in September, unemployment plummets
Longshoremen at a dispatch hall ready to work at the Port of Vancouver | Photo: Dominic Schaefer

The kids went back to school and more than a few adults went back to work in September in B.C.

The province added 33,300 jobs last month, pushing its unemployment rate down 1.1 percentage points to 4.2 per cent, according Statistics Canada data released Oct. 5.

Meanwhile, the economy added a total of 63,300 jobs across the country.

However, unlike the national gains, most of the jobs added in B.C. were full-time positions.

The province added 15,900 full-time jobs compared with a nationwide loss of 16,900 full-time jobs. But Canada added a total of 80,200 of full-time positions to land at 63,300 added jobs.

“All signs are pointing to another Bank of Canada rate hike and today's report does little to change this,” TD Economics senior economist Brian DePratto wrote in a note to investors.

“With a hike this month effectively a lock, focus is now shifting to what comes next. The positive conclusion to USMCA [U.S.-Mexico-Canada Agreement] discussions should lift a significant portion of uncertainty that had been weighing on the Bank's forecast. We expect to see an upgraded outlook and a more hawkish tone reflecting these positive developments on October 24th.”