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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
Unemployment rate in Alberta unchanged in November
Alberta’s unemployment rate stayed at 7.6% with a rise in the number of Albertans participating in the labour force offsetting the number of new jobs
Construction intentions still stronger than last year
Year-to-date permit value in October was above where things stood at the same point last year in every province except Newfoundland and Labrador
Oil and gas capital not flowing like it was
Oil and gas capital spending in Canada over the first three quarters of 2021 was 32% ($8.25 billion) below the same nine months in 2019
Alberta oil output breaks another record
Crude oil production in Alberta reached its highest level on record in October at 119 million barrels
Businesses concerned about rising costs and supply chain problems
Almost half of Alberta businesses cite the rising cost of inputs as an obstacle heading into 2022
Wages waxed in September
Average weekly earnings for all employees in Alberta edged up by 1.2% in September and were up by 3.1% compared to a year earlier
Moving ahead: Alberta’s economy in 2022
ATB’s forecast pegs Alberta’s GDP growth in 2021 at 6.3% followed by 4.0% in 2022 and 2.5% in 2023
Opening the door to opportunity
A new report prepared by MNP in partnership with ATB Financial provides a baseline understanding of how Indigenous Peoples in Alberta contribute to the wider economy
Restaurant and bar sales stumbled in September
After finally rising above their pre-pandemic level in August, restaurant and bar sales in Alberta fell below it again in September
Business conditions improved as fourth wave weakened
The latest data from Statistics Canada show that business conditions in Calgary and Edmonton have improved since the peak of the fourth wave
Inflation spurs retail sales in September
After two months of decline, seasonally adjusted retail sales in Alberta posted a 1.7% ($120.7 million) increase in September
The Bank of Canada’s inflation forecast
The rise in inflation anticipated by the Bank will be “transitory,” but it won’t be painless or short-lived
Inflation in Alberta above 4% for third month in a row
Prices in Alberta increased in 6 of the 8 major components of the CPI
Wholesale trade edged up in September
After rising by 1.0% in August, wholesale revenue in Alberta posted a 1.2% gain in September to reach $7.4 billion
Manufacturing moving in wrong direction
Monthly sales in Alberta went from $7.1 billion in August to $6.9 billion in September for a decline of 2.9%
The (slightly) shifting sand of GDP estimates
The recession of 2019 is back. The new set of GDP figures released yesterday show that Alberta’s economy contracted by 0.1% in 2019
Crop and livestock prices riding high
Production shortfalls due to drought in Alberta and other places combined with robust global demand have been pushing up crop and livestock prices
Goods-producing sector employment fell in October
Employment was down by over 2.9% in the natural resources* sector and by 6.5% in the primary agriculture sector