(Dreamstime)

By Sheldon Spackman

8.2 per cent

Red Deer region sees another rise in its unemployment rate

Feb 21, 2024 | 1:06 PM

The Red Deer region’s unemployment rate climbed higher last month to remain once again, the highest in the province.

According to Statistics Canada, the Red Deer region’s jobless rate in January was 8.2 per cent, up from 7.9 per cent in December and 7.7 per cent in January 2023.

That compares to unemployment rates of 7.4 per cent in Lethbridge-Medicine Hat, 6.9 per cent in Edmonton, 5.7 per cent in Calgary, 4.8 per cent in Wood Buffalo-Cold Lake, and 4.7 per cent in Banff-Jasper-Rocky Mountain House and Athabasca-Grande Prairie-Peace River. Camrose-Drumheller had the lowest unemployment rate in the province at 4.1 per cent.

The provincial unemployment rate was 6.2 per cent, down from 6.3 per cent in December, but higher than 6.0 per cent during the same month last year.

The national jobless rate came in at 5.7 per cent, down from 5.8 per cent in December, but still higher than the 5.0 per cent seen across the country a year ago.

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According to ATB Economics, Canada’s job market surprised with a solid job gain last month.

Officials say the 37,000 employment improvement was ahead of the 16,000 Bloomberg consensus, though all the gains were in part-time jobs. More importantly, they point out, the unemployment rate actually declined for the first time since December 2022 to 5.7 per cent, supported by a lower labour force participation rate.

Employment in Alberta, meantime, picked up steam in January, rising 10,100 following a 5,000 increase in December. Officials say the service sector was responsible for the January uptick, with a notable increase in transportation, finance/insurance/real estate, and educational services, offsetting declines in the goods sector (particularly construction). All the new jobs added were said to be full-time, offsetting part-time losses.

According to ATB Economics, year-over-year employment growth in December stood at 3.5 per cent—well ahead of the 1.7 per cent national gain. Officiasl note, employment outpaced the labour force, nudging the unemployment rate down 0.1 points to 6.2 per cent.

Minister of Jobs, Economy and Trade Matt Jones issued the following statement on the January 2024 Labour Force Survey from Statistics Canada:

“Alberta began 2024 showing its economic strength by putting more Albertans to work. A strong increase of 23,800 full-time jobs in January builds on the growth we saw last year.

“Alberta’s economy is expected to remain one of the strongest in Canada in 2024, and jobs are a critical part of this. This is all thanks to the Alberta Advantage. Our competitive tax rate, highly skilled workforce, abundant natural resources and world-class education system mean we will continue to be the economic engine of Canada.

“The advantages we have here are noticed across the country and around the world. Domestic and global companies continue to see promise in Alberta, with 322 major projects under construction as of Dec. 31 totalling approximately $82.7 billion in investment. The hard-working Albertans helping to get these projects off the ground are also making an average of $1,301 per week. This is more than their counterparts in any other province and well above the national average, which translates to more money in the pockets of Alberta workers.

“I remain confident in the vibrancy of Alberta’s economy despite the economic pressures that all provinces will face this year. I also look forward to ensuring Alberta remains the best place to live, work, invest, start or grow a business and raise a family.”

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