(Dreamstime)

By Sheldon Spackman

6.4 per cent

Red Deer unemployment rate edges higher in December

Jan 6, 2023 | 11:49 AM

There was another rise in the Red Deer Region’s unemployment rate last month, keeping it at the highest rate among the province’s economic regions.

According to Statistics Canada, the Red Deer Region’s jobless rate was 6.4 per cent in December, up from 6.2 per cent in November but lower than the 6.5 per cent unemployment rate seen during the same month last year.

The Red Deer Region’s unemployment rate compares with a jobless rate of 5.7 per cent in the Calgary region, 5.2 per cent in Banff-Jasper-Rocky Mountain House and Athabasca-Grande Prairie-Peace River, 4.9 per cent in Edmonton, 4.7 per cent in Wood Buffalo-Cold Lake, 3.2 per cent in Camrose-Drumheller, and 2.8 per cent in Lethbridge-Medicine Hat.

Alberta’s unemployment rate remained steady at 5.8 per cent in December, and still down from 7.5 per cent in December 2021.

The national jobless rate was 5.0 per cent last month, down from 5.1 per cent in November and 6.0 per cent during the same month last year.

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Rob Roach with ATB Financial notes the Alberta economy added almost 25,000 jobs in December (+1.0%) according to the latest report from Statistics Canada.

He says gains in full-time employment (+41,200) offset losses in part-time work (-16,700).

Despite the growth in employment, however, Roach says increased participation in the labour market kept the provincial unemployment rate steady at 5.8 per cent.

Nationally, 104,000 jobs were added (+0.5%) in December with job numbers up at least slightly in every province except New Brunswick.

Roach says somewhat weaker growth in participation enabled the national unemployment rate to tick down from 5.1 to 5.0 per cent.

He further points out, the ongoing tightness of the national labour market bolsters the case for the Bank of Canada to continue to raise interest rates.

Minister of Jobs, Economy and Northern Development Brian Jean issued the following statement about the December 2022 Labour Force Survey from Statistics Canada:

“Alberta continues to set the standard for employment in our nation. Our government is creating a business-friendly climate that builds momentum, supports high-paying jobs and further diversifies our economy. Thanks to our efforts, Albertans are prospering, and Canadians are taking notice. Record levels of newcomers are moving to our province to take advantage of our growing prosperity.

“December’s numbers are proof that our economy is thriving and resilient thanks to our strong economic and fiscal policies and the actions we are taking to attract investment. In a single month, Alberta has gained more than 41,000 new full-time jobs, and almost 94,000 full-time jobs in 2022. Most of this job growth comes from the private sector, with major gains in construction, manufacturing, transportation and warehousing, technology, business and health care. Over the past year, Alberta has contributed almost a quarter of Canada’s total employment growth.

“With around 100,000 job openings in our province, we continue to welcome those who want to experience the renewed Alberta Advantage. Not only are there great opportunities to build careers, families and lives in Alberta, our province is also in the unique position of being able to provide targeted assistance to the most vulnerable. Alberta’s affordability measures – such as inflation relief for those who need it the most, and programs that save Albertans money on gas, diesel and electricity – provide widespread assistance for Albertans, with extra help to those most in need.

“Alberta’s growing economy, exceptional quality of life and affordability measures contribute to our province leading the country in third-quarter growth. Record levels of international migration paired with the highest net interprovincial migration in decades show that people from across Canada and around the world are taking notice of Alberta as the land of opportunity.”