The unemployment rate for Wood Buffalo – Cold Lake is the lowest it’s been in 22 months.
According to Statistics Canada, the unemployment rate has been dropping since April, after remaining unchanged from January to March. It now sits at 7.4 per cent for the month of July. The last time it was this low was back in October 2015 when the unemployment rate was 7.3 per cent.
As for the employment rate, it increased for a fourth straight month and now sits at 71.7 per cent for July. That’s the highest it’s been since November 2015.
The Labor Force Survey also shows 700 part-time jobs were created month over month, while 100 full-time positions were added. The last time both these numbers were this high was also in November 2015.
Meanwhile, most sectors in our region saw job gains month over month, with construction increasing for a fourth straight month adding 700 positions in July.
Natural resources, which includes industries such as forestry, mining, and oil and gas operations, fell by 400.
Due to the wildfire last spring, stats for year-over-year aren’t available.
Provincially, following three months of little change, employment declined by 14,000 and the unemployment rate increased 0.4 percentage points to 7.8 per cent in July.
The unemployment rate in Canada declined slightly to 6.3 per cent, its lowest level since October 2008.