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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

Job vacancies higher in some industries than others

Accommodation and food services is in the unenviable position of having both the largest number of job vacancies and the highest job vacancy rate

Weekly wrap, September 22, 2023

A new economic outlook, and a slew of new economic data

A “hawkish” pause

The U.S. Federal Reserve did not hike interest rates yesterday but pointed to an increase before the end of the year

Hotter summer prices

Canada’s inflation rate accelerated to 4.0% last month (vs. 3.3% in July), fueled by gasoline prices

Ahead of the crowd

Our latest quarterly economic forecast for Alberta projects growth of 2.7% in 2023 followed by 2.0% next year

New vehicles sales stronger than last year but still not back to normal

Sales in 2023 and 2022 remain below the 10-year average in both Alberta and Canada

ATB Economics Weekly Wrap, September 15, 2023

This week's Wrap digs into manufacturing, wholesale trade and consumer insolvencies in Alberta

Inflation rises south of the border on higher gasoline prices

Inflation in the United States went in the wrong direction in August but probably did not rise enough to trigger another interest rate hike

Through the roof

Residential rental rates have been on the rise in Alberta and across Canada

Oil continued its rally in August

Voluntary oil production curtailment on the part of OPEC+ and rising global demand have helped push WTI and other benchmarks higher since June

Almost there

Employment in Alberta by industry compared to before the pandemic

Weekly wrap September 8, 2023

Summer sizzle - Alberta employment growth gains momentum

Current export value overshadowed by last year’s record high

Representing about three-quarters of the total value of Alberta’s international sales, energy exports almost single-handedly account for the year-over-year pullback

Policy interest rate stays put

As expected, the Bank of Canada moved to the sidelines this morning, keeping its policy rate unchanged at 5.0%

Soft GDP reading ahead of the Bank of Canada’s next move

Canadian GDP pulled back slightly in the second quarter, after a 2.6% gain in the first quarter

The Weekly Wrap, September 1, 2023

Soft GDP report ahead of next week’s rate decision

Early expectations for lower crop yields amid dry weather

Dry conditions in the central-east and south parts of the province are expected to weigh on crop yields in Alberta this year

Most businesses optimistic about their outlook

Two-thirds of businesses in Alberta are either very optimistic or somewhat optimistic about their future outlook over the next 12 months

Alberta’s resale housing market maintains momentum

After dropping to a 2-year low in February, residential unit sales in Alberta improved for the fifth straight month in July

Dining out more in 2023

Restaurant sales in June 2023 stood 12.4% above last year

The Weekly Wrap, August 25, 2023

Moving through the tills - the consumer edition

Rolling forward: Vehicle sales advance in the first half

The number of new motor vehicles sold in Alberta stood at 19,292 units in June 2023, up 6.8% from last June

Consumer pause: Retail sales take a breather in June

Alberta consumers pulled back on spending, though this only partly reversed May’s increase

Start me up: New home construction bounces back in July

Housing starts in Alberta picked up some steam in July after a slower start to the year

Farm prices ticked down again in June

Prices for crops received by Alberta farmers retreated further in June

The Weekly Wrap, August 18, 2023

Stubborn inflation and stronger housing

Blue gold

Natural gas production in Alberta remains robust over first half of 2023

Retreating prices lower manufacturing revenues

Factory sales in Alberta pulled back in June on lower refinery product and chemical sales

Canada’s inflation rate back above 3%

Consumer prices rose 3.3% in July from the same month last year, an acceleration from June’s 2-year low reading of 2.8%

Alberta's largest companies as of 2022

According to the latest list from the Financial Post, Alberta was home to the head offices of 131 of Canada’s 800 largest companies last year

The weekly wrap, August 11, 2023

Alberta exports, construction, and job seekers

Falling behind

Seasonally-adjusted residential construction intentions in Alberta increased for the second month in a row in June but continued to trend lower from last year's levels

Oil market expected to remain tight

The U.S. Energy Information Administration released its latest Short-Term Energy Outlook yesterday and it’s good news for oil producers like Canada and Alberta

Price-driven energy exports dip in first half, while ag jumps

Sales of agriculture and food products helped to offset some of the drawdown in energy exports so far this year, posting a 51% year-to-date increase ($2.2 billion)

The weekly wrap, August 4, 2023

Alberta labour report - more jobs, more people

Temporary foreign workers in Alberta

Over the first half of 2023, the number of foreign workers coming to Alberta was 147% higher than at the same point in 2022

Oil rallies in July

The West Texas Intermediate oil price benchmark averaged $76 in July or about 8% higher than in June

ATB's Economic Outlook

Read our most recent growth forecast.

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