For the most part, the employment picture is improving across North America. In the U.S., job formation is so strong that the Federal Reserve is very likely to hike interest rates next week for the first time in nearly a decade.
But the oil patch is suffering as energy prices plunge to seven-year lows. The province of Alberta in Canada is seeing a devastating hike in suicides. So far this year, the suicide toll has climbed 30% to 327. Vice reports:
According to the province, 18,006 workers were laid off in 2015, 78 percent of whom worked in the oil and gas industry. In comparison, the total job losses for 2013 and 2014 combined was 11,694. More cuts are expected in 2016. As a result, there’s been a huge surge in the number of people on employment insurance, up 99 percent (28,830 recipients) year-over-year from September. In that month alone, Alberta saw a 9.1 percent jump in EI (unemployment) benefits.
David Kirby, a counselor with the Calgary Distress Centre, told the CBC demand for counseling is up by 80 percent and that coexisting conditions such as substance abuse are playing a role in the crisis. Three out of four people who commit suicide are men.
Photo: World Bank Photo Collection