BCREA ECONOMICS NOW
Labour Force Survey/Building Permits - November 5, 2010
Employment in BC rose by a tepid 0.1 per cent or 1,500 jobs in October compared to September. However, BC accounted for half the 3,000 jobs added to Canada.The postive news was that full-time employment advanced 0.4 per cent or 7,400 jobs, offsetting a 1.1 per cent or 5,800 decline in part-time employment. While employment growth has slowed, employment in the province is now just 1,700 jobs away from the record 2.324 million jobs recorded in July 2008. Year-over-year, BC employment climbed 2.7 per cent or 60,100 jobs. The BC unemployment rate edged down to 7.4 per cent from 7.5 per cent in September.
Building permits values in BC rose an impressive 26 per cent in September, compared to August. Non-residential permits climbed 55 per cent, while residential permits rose 16 per cent.
US non-farm payroll employment climbed by 151,000 in October after declining by a revised 41,000 in September. Employment growth in October was expected to rise by a more modest 60,000. Employment growth was concentrated in the private sector. The encouraging emloyment numbers signal that US GDP growth will continue an upward trajectory in the fourth quarter.