B.C. lost 13,000 jobs in October

B.C.'s unemployment rate jumped nearly a full percentage point last month to 8.3 per cent, but the province's minister of economic development minister says there is still reason for optimism about the provincial economy.

B.C. lost 13,000 jobs last month, second only to Alberta, which led the nation with 15,000 lost jobs, according to the latest figures released by Statistics Canada on Friday.

But despite the increase, B.C.'s unemployment rate remains below the national average of 8.6 per cent, which increased of 0.2 per cent in October as Canada lost 43,200 jobs nationwide.

Minister still optimistic

Economic Development Minister Iain Black admitted an unemployment rate at 8.3 per cent is a setback, but said B.C.'s economy is poised for a turnaround.

"We nevertheless have great reason for optimism, according to the leading financial indicators, and the leading economists in the country, and we will come through this stronger than any other jurisdiction in North America, and we will do so sooner," said Black.

Statistics Canada said the lost jobs were part-time positions, mostly in retail and wholesale trade, and the number of full-time jobs remained relatively stable.

The news was a turnaround from September when the province showed the most gains in Canada, adding 14,000 jobs and saw its unemployment rate drop 0.4 per cent.

Many economists do predict B.C. will do well for job creation next year, but the NDP says many of those jobs will be temporary and connected to the 2010 Winter Olympics in February.

NDP finance critic Bruce Ralston said the rising unemployment rate is just one more reason the province should scrap plans to bring in the harmonized sales tax, which he predicts will lead to more job losses.

"In a number of sectors of the economy, whether it's tourism, or restaurants and other parts of the service sector, that's going to mean job loss," said Ralston.