The latest job numbers from Statistics Canada, released this morning, reveal a mixed picture for the Weyburn and Estevan region. While employment decreased in October, the unemployment rate also fell.
The Regina-Moose Mountain Economic Region, encompassing Weyburn and Estevan and surrounding rural areas, saw a decline of 800 jobs in October compared to September. However, the unemployment rate dropped from 5.9 per cent to 5.3 per cent. This seemingly contradictory trend is explained by a significant decrease in the overall labour force – 1,900 fewer people were employed, actively seeking work, or ready to work if called.
Most of these employment shifts occurred in Regina, with areas outside the capital, including Weyburn and Estevan, experiencing only 200 job losses. The unemployment rate outside the provincial capital fell to 2.4 per cent last month from 2.7 per cent in October. This also marks a nearly 3 per cent drop compared to the same time last year.
While the low unemployment rate may appear positive on the surface, many economists suggest an optimal rate lies between 3.5 and 4.5 percent. A rate below this range can indicate a shortage of available workers, potentially hindering economic expansion in the region.
Provincially, Saskatchewan's unemployment rate rose slightly to 6.0 percent in October, up from 5.7 percent in September. Despite this increase, the province boasts the fourth-lowest unemployment rate in Canada, trailing only Quebec, British Columbia, and Manitoba. Nationally, the unemployment rate remained stable at 6.5 percent.