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During the recession, British Columbians are finding work faster than the national average, according to a new report from CIBC World Markets. On average, British Columbians who became unemployed in the first half of 2009 were able to find a new job about 13 weeks after losing their job. That's below the national average of 15 weeks and is much higher than the 17 week average in Ontario and 18 weeks in Quebec. Alberta and Saskatchewan were among the lowest with an average 11 week unemployment period between jobs. The relatively short period of unemployment compared to the 20-week average during the 1991 recession, if sustained, bodes well for the Canadian economy. The report suggested the current wave of personal bankruptcies could be relatively short-lived. The report also noted that the proportion of people unemployed for more than six months is half of what it was in the 1991 recession, 15% of unemployed Canadians, or about 250,000 versus 30% in 1991. While the report said long-term unemployment will likely increase in the next 12 months, the fact that its starting from a comparatively low level should limit its economic impact longer term.
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