Tag: oilsands region

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Alberta Economic Ft Mac Politics

Oilsands Region Unemployment Rate Jumps to 9.3%

According to data from Statistics Canada the unemployment rate in the oilsands region near Wood Buffalo and Cold Lake has jumped up to 9.3%, showing a 0.3% increase over the rate in January of 2016 and causing even more stress and worry for residents and companies who live or work in the region. During the same period one year ago the rate of unemployment in the area is one third higher now than it was then. Around 1,000 people in the region lost jobs in the last month, with 1,500 full time jobs disappearing and only 500 part time jobs being created. The 9.3% unemployment rate is the highest in the Alberta province and it shows how falling oil prices have impacted an area which depends in part on the natural resource industry to thrive.

A national average unemployment rate of between 702% and 7.3%, so the oilsands region has a rate that is around a full 2% higher than the national average. According to a statement released by the Wildrose party the higher rate of unemployment is a direct “indictment of NDP policies. The NDP needs to show it’s taking job loss numbers seriously by accepting job-creation solutions from across the aisle and scrapping its failed jobs subsidy program.” It is no secret that the oilsands region has been impacted by the slowing economy and falling oil prices more than many other areas, and charitable organizations and food banks in the region have seen an increase in need and demand as a result.

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Alberta Economic Ft Mac

Unemployment Rate in the Oilsands Region Jumps to 8.6%

The unemployment rate in the oilsands region has jumped up significantly, reaching a current rate of 8.6%. A labor survey by Statistics Canada shows that in November and December of last year the rate of unemployment in Alberta stayed the same and the oilsands region rate increased, and this comes as no surprise to most companies and workers in the oil industry. Oil prices are still quite low and the oil industry has been engaged in cutbacks and layoffs in recent months in order to stay competitive in an ever tighter market with smaller profit margins. The entire global economy is still somewhat weak and economic recovery takes time, however workers in the oilsands regions are seeing employment opportunities get smaller and smaller as time goes by.

A higher unemployment rate in the oilsands region translates into fewer people having reliable and steady jobs, and more people in the local community need assistance in some way. The Wood Buffalo Food Bank has seen a big increase in the number of people who need food assistance. Other programs in Wood Buffalo designed to provide help with housing, heating, fuel, and other community needs are also stretched thin because of higher demand as well. Job training and employment assistance programs in the area can be very helpful for those who suddenly find themselves out of work, and those facing other types of needs or emergency circumstances can also seek assistance through social service and charitable programs in Wood Buffalo. Help may be available for those who need it and the Fort McMurray community has a giving and generous spirit for those who are less fortunate.

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Alberta Economic Ft Mac Politics

The Oilsands Region Unemployment Rate is Higher Than the Average for the Province and Nation

unemployment rate, oilsands region

According to recent reports the oilsands region unemployment rate is very high, even higher than the average for the province and the nation as a whole. The rate of unemployment in the area has doubled in the last year. According to Data Statistics Canada the unemployment rate for the Wood Buffalo-Cold Lake region was 8.3% in April 2015. The national rate for the same time was 6.8%, and the provincial rate was 5.5%. These numbers are worrisome for those who live and work in the oilsands region. They are the result of dropping oil prices and the elimination of 3,500 jobs in the energy sector in Alberta. There are some who are advocating for optimism and saying that things will improve.

When asked about the unemployment rate in the oilsands region Alberta Federation of Labour President Gil McGowan stated “Almost all the heavy oil projects in the Fort McMurray areas have prices returning to five year averages, which is a good sign for future employment. Alberta doesn’t actually produce nearly as much West Texas Intermediate as it once did anyways. There are good reasons to worry, but also cases for optimism.” McGowan also touched on the temporary foreign worker program for the oilsands region, saying “This program was justified by both the business community and the federal government by saying there were labour shortages that couldn’t be met by Canadians. That’s clearly not the case in Fort McMurray anymore.” There are others who disagree though, and the temporary foreign worker program is still highly controversial for many Canadians.