Labour market momentum intensifies in September
B.C. employment surged in September, marking a fourth consecutive monthly increase and pointing to a fi rm rebound after a weak fi rst half. Estimated employment surged by 33,300 persons during the month, marking a 1.7 per cent increase from August. Gains were propelled by similar growth in the full-time and part-time sectors. Vancouver metro area employment growth exceeded the rest of the province with a two per cent increase, accounting for 28,100 of the total net job gain.
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Recent momentum better aligns with underlying economic momentum in the province, as well as more robust growth observed in the payroll count measure of employment (as discussed in last week’s briefi ng). Recent gains have pushed year-to-date employment close to our annual forecast of 1.2 per cent for 2018. That said, given inherent volatility and sampling error in Labour Force Survey employment, a future pullback is not out of the question.