Unemployment In Alberta Essay

Analysis: The article shows a graph on the unemployment rates in Canada and in Alberta since 2005 to present. Alberta had an unemployment rate of 4.5% whereas Canada was at 6.9% in 2005. In 2005, Alberta was in the midst of the strongest period of economic growth because its’ nominal gross domestic product rose 43% between 2002 and 2005. This economic boom was offset by higher export prices of it’s primary ressources: oil and gas. During this time, Alberta had a considerable amount of its’ population employed. As shown by the attached table of Annual Average Unemployment Rate in Canada and Provinces published by Statistics Canada, Labour Force Survey: Alberta had the lowest unemployment rate out of all the Canadian provinces and territories at 4%. In

It is noticeable that Alberta’s unemployment flunctuates more than the national average and this is due to their primary dependence on jobs in the ressources of oil and gas which is unpredictable. This year began with Canada’s unemployment at 7.2% whereas Alberta was at 7.4% in January 2016. However in February 2016, Canada’s unemployment grew slightly to 7.3% and Albertas’ unemployment rose to 7.9%. It is in the beginning of March 2016 that the demand of copper has risen from China and Alberta’s been able to increase their exports. Furthermore, since the end of February, the price of gold has risen in Canada which has affected the price of oil positively. As seen in the graph attached, from the beginning of March 2016, the cost of a barrel of crude oil rose to $37 and has since then remained relatively high when compared to it’s deep decline in mid January 2016. Altogether, the rise in price of crude oil has stimulated the trade of Alberta’s oil exportations as the demand has also increased with our major trading partners of China and the United States. This contributed to lowering the unemployment rate of Alberta from 7.9% in February 2016 to 7.1% in March 2016 as more jobs were created in this sector of the