
In BC, employment grew by 27k (1.0%, m/m) in February, following a gain of 3k in January. The unemployment rate decreased from 8% to 6.9%, which is the lowest rate the province has recorded since February 2020. Meanwhile, in Vancouver, employment increased by 13.9k (1.0%,m/m), following a rise of 9.0k in the previous month. Compared to one year ago, employment in BC was down by 0.6% (-15K) jobs.
Although national employment is still 599k below its pre-pandemic level, February's employment gain is a step in the right direction. Today's bounce-back signals that the economy is gaining momentum, as the vaccine rollout enters its next phase and public health restrictions ease. That being said, progress could be thwarted if a third wave of the pandemic forces another round of restrictions.

Source - BCREA