{"id":64852,"date":"2016-03-11T10:51:46","date_gmt":"2016-03-11T15:51:46","guid":{"rendered":"http:\/\/www.businesspundit.com\/?p=64852"},"modified":"2020-09-21T13:34:02","modified_gmt":"2020-09-21T17:34:02","slug":"canada-unemployment-rates-3-year-low-03-2016","status":"publish","type":"post","link":"https:\/\/www.businesspundit.com\/canada-unemployment-rates-3-year-low-03-2016\/","title":{"rendered":"Canada’s unemployment rate rises to 7.3% as oil industry continues to suffer"},"content":{"rendered":"

\"Canada<\/p>\n

The crash in oil prices is have detrimental effects on Canada’s unemployment rate.<\/p>\n

The country’s unemployment rate rose to a\u00a0three-year high of 7.3% in February, marking the third consecutive month that Canada’s jobless rate increased.<\/p>\n

Canada is one of the world’s biggest oil exporters. At least 8,000 jobs were lost last month in the natural resources industry, mostly in the oil sector.<\/div>\n
<\/div>\n
Job losses<\/a> quickly mounted as oil prices crashed to $26 a barrel. Since that time prices have rebounded, but not enough to make up for losses.<\/div>\n

The job cuts in the industry began late in 2014 shortly after oil prices topped out above $100 a barrel.<\/p>\n

The country, which relies on exports to grow its economy, fell into recession\u00a0last year amid the oil downturn.<\/p>\n

Canada continues to pump a lot of oil, but the country’s oil sands industry needs higher prices to turn a profit.<\/p>\n

Much of the unemployment increase is occurring in oil heavy provinces. In Alberta the unemployment<\/a> rate rose to 7.9% in February, up from 7.4% in January. The province has lost 56,000 full-time jobs over the past year.<\/p>\n

In comparison, the US unemployment rate is 4.9%, it’s lowest in eight years. The US added 242,000 jobs in February.<\/p>\n

Based on the US unemployment model, Canada’s unemployment sites at 6.2% as of February.<\/p>\n

Canadian prime minister Justin Trudeau has proposed a $1 billion stimulus plan that would focus on infrastructure projects in Alberta and oil-heavy Saskatchewan.<\/p>\n

Officials in the country are also attempting to promote a manufacturing-led economy that would help diversify the country in the event of price swings in oil.<\/p>\n","protected":false},"excerpt":{"rendered":"

The crash in oil prices is have detrimental effects on Canada’s unemployment rate. The country’s unemployment rate rose to a\u00a0three-year high of 7.3% in February, marking the third consecutive month that Canada’s jobless rate increased. Canada is one of the world’s biggest oil exporters. At least 8,000 jobs were lost last month in the natural […]<\/p>\n","protected":false},"author":34,"featured_media":64853,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1197],"tags":[10114,10330,4940,7787,307],"class_list":{"0":"post-64852","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-canada","9":"tag-energy-industry","10":"tag-oil","11":"tag-oil-prices","12":"tag-unemployment"},"acf":[],"wps_subtitle":"","_links":{"self":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/64852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/comments?post=64852"}],"version-history":[{"count":4,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/64852\/revisions"}],"predecessor-version":[{"id":71380,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/64852\/revisions\/71380"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/media\/64853"}],"wp:attachment":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/media?parent=64852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/categories?post=64852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/tags?post=64852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}