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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.
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Recession a risk, but not inevitable
While the risk of a recession is real, and much higher than at the start of the year, many economic forecasts (including ATB’s) are not projecting one
Overall wage growth in Alberta stalled in April
Compared to the month before, seasonally-adjusted average weekly earnings in Alberta edged down by 0.1% in April
Restaurant activity soars to a new peak
Seasonally adjusted receipts at food services and drinking places rose $36 million (+4.2%) to reach $886 million in April
Alberta posts another gain from interprovincial migration
Over the first three months of 2022, 5,351 more people moved to Alberta from other parts of Canada than vice versa
Consumers paid even more in May
We knew it was going to get worse before getting better, but headline inflation in Canada hitting 7.7% in May is still eye-popping.
Retail sales value in Alberta held steady in April
The seasonally-adjusted value of retail sales in Alberta barely budged in April, rising by just 0.3% over the level set in March
Housing starts through the roof
Construction of new homes continued to be bullish as Alberta’s housing starts (seasonally adjusted at an annual rate or SAAR) climbed 15.2% to reach 46,456 units in May
A new peak for wholesale activity
Seasonally adjusted sales in Alberta climbed $168 million (+2.0%) to reach a record high of $8.7 billion in April
Crop prices up again in April
On a year-to-date basis, both canola and wheat prices were up by 61% from the same point in 2021
Prices continue to push factory sales higher
The value of Alberta’s seasonally adjusted manufacturing shipments climbed $584 million (+6.5%) to reach $9.5 billion in April
Capital spending not quite a spree
While investment has recovered since reaching a multi-year low in Q2 2020, spending in the oil and gas extraction sector remains below pre-pandemic levels
Oil keeps gushing out
After a strong performance in the first quarter, Alberta’s oil output stood at 3.6 million barrels per day in April
Jobs report for May 2022
The number of unemployed Albertans fell to 131,600, the lowest since February 2015
OECD lowers global growth forecast
Both the OECD and the World Bank have downgraded their forecasts for global economic growth in 2022
Exports down but still high in April
The turnaround in oil prices compared to a year ago has sent Alberta’s total exports to record levels
Alberta’s international customers: How do we stack up?
Part four of a four-part series on Alberta's international exports
Alberta’s international customers: Japan
Part three of a four-part series on Alberta's international exports
Alberta’s international customers: China
Part two of a four-part series on Alberta's international exports
Alberta’s international customers: The United States
Part one of a four-part series on Alberta's international exports
Policy interest rate rises to 1.5%
The Bank of Canada announce that it is raising its trendsetting policy interest rate from 1.0% to 1.5%