Wood Buffalo – Cold Lake Unemployment Rate Falls To Nearly Three-Year Low

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Wood Buffalo – Cold Lake Unemployment Rate Falls To Nearly Three-Year Low

The unemployment in our region has hit a nearly three-year low.

According to Statistics Canada, the rate for Wood Buffalo-Cold Lake sits at 6.2 per cent for the month of December, levels unseen since January 2015 when it was at 5.4 per cent.

This is down significantly from the 2017 high of 9.1 per cent, where it remained for three straight months – January to March.

The size of our labour force changed slightly month over month as the region lost 700 full-time jobs from November to December but added 200 part-time positions.

The construction sector lost 200 positions in December dropping to roughly 8900 workers – down from the August and September high of 9800. Business, building and support, the finance sector, wholesale and retail, and services-producing sectors all saw job loses month over month.

Manufacturing gained 200 jobs, while forestry, fishing, mining, quarrying, oil and gas sectors stayed the same for a second straight month.

Provincially, employment increased by 26,000, mostly in full-time work. The unemployment rate now sits at 6.9 per cent.

The unemployment rate continued a downward trend nationally. It fell to a 41 year low of 5.7 per cent.
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