Attached are graphs on BC and Vancouver's employment rates (15 years and older)
This month I decided to drill a bit deeper into the data, in part because both changing demographics and economic malaise can affect labour rates. To try to determine this I have plotted unemployment, employment and participation rates by age cohorts 15-24, 25-54, and 55 and older:
- The under 25 unemployment rate is noisy but is showing some improvement, and it should be noted took a marked drop in 2005 until the recession. If we "discount" the period between 2005 and 2008, youth unemployment has improved since its levels between 1990 and 2005.
- Participation rate of the 25-54 age cohort has remained tightly bound since 1990. This is a different pattern from what the US has seen in its 25-54 participation rate since the recession.
- Participation rate of the over-55 crowd is increasing. I may get around to checking into this more, but I am going to speculate that part of this is due to: a rise in female employment rates in the baby boom cohorts as they start entering the 55+ category, a "bulge" in 55-65 ages due to baby boomers, and overall health improvements and less physical jobs are allowing employment to continue later than has been the case previously.
- Overall BC's labour market is showing gradual improvement, as has been the case since the end of the recession. Conditions are comparable to levels seen in the first half of the decade 2000-2009.