Tuesday, August 14, 2012

BC Employment by Sector July 2012

Below are some graphs highlighting BC's employment over the past 15 years in various sectors. But first here are the historical employment, participation, and unemployment rates (CANSIM table 282-0117)

Here are the contributions of the two major goods producing sectors (construction and manufacturing) as a percentage of total employment. These are seasonally unadjusted with 3 month moving average applied (CANSIM table 282-0111).
And the service producing sectors.

A rebound of manufacturing sector employment can indicate some degree of job reclassification rather than a sectoral shift in employment. Construction employment is still high relative to its historical limits of the past 15 years and remains a larger part of BC's workforce than previous. If construction were to stumble closer to levels seen earlier in the century, there is some hope that manufacturing can fill at least some of the gap, though if construction job flux is simply being reclassified as manufacturing and does not represent a secular rotation, BC's dependency on construction employment is not abating and remains an elevated risk to future economic growth.

Nonetheless, it appears on balance that BC's economy has continued to recover alongside the rest of North America.

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