B.C.’s Finance Minister says job losses in March are the tip of the iceberg for the economic impact of COVID-19.
Carole James says the latest job numbers, showing 132,000 job losses in B.C., were just between March 15 and March 21.
“I certainly think this is going to become more challenging. These are very early numbers… as you know, we declared a state of emergency just after that March 15th date,” James says.
“I do believe we’re going to see tougher numbers coming in the next round of statistics that come out. These are difficult times, and it is important that we recognize that and we provide the supports, as we’re doing, through our programs for people and businesses who are doing everything they can to hang on through this crisis.”
James says the best strategy right now for the economy in the long-term is to follow the advice from health officials in B.C. to try and flatten the curve.
Across Canada, the total job losses last month totaled just over one million, and the unemployment rate went from 5.6 per cent to 7.8 per cent, the largest one-month jump in unemployment since 1976.
In the Thompson-Okanagan, the unemployment rate last month was 7.2 per cent, up from 6.3 per cent in February.
NL News has reached out to the Ministry of Jobs for specific data on the Kamloops job market for March.