Image: Andrey Popov / Dreamtime
Economy
Unemployment rate edges up in Kamloops and across the country
Jun 9, 2023 | 8:05 AM
KAMLOOPS — The economy lost 17-thousand jobs last month, pushing the unemployment rate up from five per cent in April to 5.2 per cent in May. It was the first increase since last August.
Statistics Canada reports there were fewer people working in business, building and other support services as well as professional, scientific and technical services.
The Bank of Canada has been particularly concerned about how fast wages are growing, arguing that wage growth in the four to five per cent range is incompatible with a two per cent inflation target. Wages rose 5.1 per cent in May.
The unadjusted unemployment rate in the Thompson Okanagan region grew from 4.4 per cent in April to 4.8 per cent in May.
