Thursday, April 12, 2012

Nanaimo Jobless Rate Improves Again

Nanaimo's March 2012 Unemployment Rate 5.3%
Can This Number Be Accurate??

Nanaimo's jobless rate improved again in March coming in at 5.3% which is the lowest rate in over 10 years.

Now, before we break out the bubbly and start shouting, we should consider that the same reporting agency told us last year we had a 16% jobless rate,which proved to be a gross error in reporting.

Whether we can put any real faith in this current number is subject to debate, in fact the people working for BC Stats were quick to point out that they are not the agency that compiles the stats but rather that is the job of Stats Canada. Upon further investigation, it is questionable as to the usefulness of these figures at all, given the incredibly small sample size and their proven ability to be completely wrong.

According to the statistics which support this new unemployment number it shows an increase in the number of people working in Nanaimo at 46,200 which is a number we haven't seen since last September when the jobless rate was reported to be 9.8%. So how the same number of people employed can mean a 5.3% or a 9.8% unemployment rate, seems to defy logic.

Whether the numbers can be relied upon as accurate is doubtful, but if they can be relied upon to show a trend it would appear that Nanaimo's employment prospects are improving. As I have pointed out before with regard the unemployment rate, if all people looking for work move someplace else, our unemployment rate would plummet to 0% without creating one new job.

Statistics...........'don't ya' just love them?'.


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