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Our economics team examines the latest statistics on employment, trade, consumer spending, the energy industry and other economic drivers to provide insight into what is happening in Alberta and where our economy is heading.
Economics News
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Recent Owls
Retail sales in Alberta increased slightly in August
But were much higher than in August 2020
Beyond the city walls
We don’t often get data specific to rural areas, so it’s great to see a new report from Statistics Canada examining the future expectations of rural Canadian businesses
Inflation not quite as high in Alberta
Spurred by steep gasoline prices and global supply chain disruptions, the inflation rate in Alberta was 4.0% in September, down from 4.7% in August
Labour shortages and high unemployment
Unpacking the reasons why we are hearing about unfilled jobs while the unemployment rate is high
Oil production in Alberta higher than ever
Year-to-date production in 2021 was 9% higher than in 2020 and 2% above 2019
Business conditions sink under fourth wave
But are still much better than at earlier stages of the pandemic
Manufacturing sales soften slightly in August
Despite the drop, sales are higher than in both August 2020 and August 2019
Jobs up in some sectors, down in others
Total employment in Alberta passed the pre-pandemic level in September, but the recovery was uneven across industries
Employment in Alberta finally passed its pre-pandemic level in September
This is positive news, but it’s tempered by the fact that employment is only 0.2% (3,700) higher than it was before the pandemic
Strong Indigenous population growth projected
The Indigenous identity population in Alberta is projected to grow by between 38% and 59% by 2041
Business confidence in Alberta slips during fourth wave
After rising to its highest level since 2014 in July (70.9), the index for Alberta fell to 62.0 in September
The damage done: Culture and sport during COVID
The latest data show that the real GDP of Canada's culture and sport sector during the second quarter of 2021 was still 6.2% below where it was during the same quarter in 2019
Non-residential construction intentions higher in August
Non-residential building permits had a strong month, rising by 49.5% ($124 million)
Population growth slows in Alberta
The annual rate of growth has not been this low since 1987
Alberta losing residents to BC
Seven provinces and territories lost residents to other parts of the country in the second quarter with Ontario down the most (-11,857) and British Columbia up the most (+15,290)
Tailwinds building behind oil prices
An increase in supply on the part of the OPEC+ cartel is likely, but it will take time for output to increase due to delayed maintenance and reduced investment in new supply
Mental health under pressure during the pandemic
Almost half of Canadians consider their stress levels to be worse than before the pandemic
Employment Insurance beneficiaries remain high
The number of Albertans on EI in July 2021 was 244% (131,300) higher than in February 2020