Wood Buffalo – Cold Lake Unemployment Rate Lowest in Nearly Four Years

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Wood Buffalo – Cold Lake Unemployment Rate Lowest in Nearly Four Years

The local unemployment rate is the lowest it’s been in almost four years.

According to Statistics Canada’s latest labour force survey, released on Friday, the rate for Wood Buffalo-Cold Lake was 5.5 per cent for October – down from September’s 5.9 per cent.

This is the lowest it’s been since January 2015, however, this doesn’t include a four month stretch in 2016 from June to September as no numbers were collected due to the Horse River wildfire.

Despite this, the region lost around 500 jobs – now sitting at roughly 82,300 positions.

The forestry, fishing, mining, quarrying, oil and gas sector saw the most job losses, around 500 on their own. Construction saw the biggest increase month over month, adding roughly 600 positions.

Provincially, the unemployment rate is sitting at 6.7 per cent for October, while the national unemployment rate decreased to 5.8 per cent.

In the last 12 months, Canada has gained around 206,000 jobs.
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