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Friday, January 8, 2016 - Alberta‚??s job market at the end of 2015

Todd Hirsch • Chief Economist

January 8, 2016

Alberta's job market at the end of 2015

In December, Alberta shed another 3,900 positions—not bad considering the low level of oil prices and the extent of the economic downturn that had set in by that time. Still, it was the third month in a row of losses. The unemployment rate held steady in December at seven per cent.
 
Looking back over the entire year, the deterioration of the labour market can be seen in both the absolute number of jobs as well as the quality of those positions. Total employment slipped by 0.6 per cent, and the number of full-time jobs (down 2.3 per cent) was only partially offset by a rising number of part-time jobs (up 7.8 per cent).
 
Not surprisingly the largest losses were concentrated in the resource sector, which shed nearly 21,000 positions (-12.1 per cent) over the year. Other losses were posted in manufacturing (-5.3 per cent) and construction (-2.7 per cent), both of which are indirect results of a weaker energy sector.
 
These losses were partially offset by some gains in health care, education services, retail and public administration. However, many of these jobs are lower paying part-time jobs.
 
Unfortunately, the job market does not appear set for a turn-around, at least not in the first half of 2016. Oil prices continue to slide, which as raised expectations of continued layoffs in the oil patch. It may take until the second half of the year until petroleum prices—and Alberta’s job market—stabilize.

 

posted in General at Fri, 08 Jan 2016 10:53:28 -0700



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