2020 Sees Worst Job Loss in Region Over Past 20 Years

The number of jobs lost in 2020 was the biggest number the region has seen in the past 20 years.

Statistics Canada released its final monthly report for 2020 on Friday with Wood Buffalo – Cold Lake losing around 1,100 positions in December.

Over the past two decades, only six years saw a drop in annual job numbers.

Five of those years were in the past six years with 2020 seeing a decrease of about 5,500 jobs.

The previous two years were the second and third worse, losing 2,500 and 2,400 spots respectively.

The wholesale and retail sector was hit the hardest in 2020 as it dropped around 2,000 positions.

The education sector saw a decrease of about 1,000 jobs, while the health care sector stayed relatively the same.

The forestry, fishing, mining, quarrying, oil, and gas sector had a dip of roughly 400 spots, currently sitting at around 20,500 positions. This is the lowest year-end total since 2016.

Meanwhile, after starting the year at an unemployment rate of 4.2 per cent, the region’s current rate is sitting at 8.3 per cent.

It peaked at 12 per cent back in July, the highest it’s ever been in the past 20 years.

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