The Owl: Focused on Alberta’s Economy
Retail sales, unemployment rate, population growth, inflation, international trade—these are just a few of the economic trends the team makes sense of in The Owl.
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Housing starts slightly lower in August
But still positive compared to recent years
Vehicle sales hit speed bump in July
Driven in part by supply chain disruptions, the number of new vehicles sold in Alberta was down by 11.7% in July compared to the pre-pandemic level in July 2019
Inflation in Alberta spiked in August
At 4.7%, inflation in Alberta was well above the Bank of Canada's target range
Manufacturing in Alberta slowed again in July
Lower wood product sales was the main reason for the drop
Playing catch-up
Football, the pandemic and the Alberta labour force
Unemployment rate in Alberta lowest in 18 months
The number of jobs in the province in August was 19,500 higher than in July for a growth rate of 0.9%
Oil and gas capital spending better but far from great
While the rise in capital spending relative to 2020 is good news for the economy, it will not be on par with pre-pandemic levels
Alberta’s export sector continues to hum along
Inflation-adjusted sales from January to July were higher in 7 out of 11 main sectors in 2021 compared to the same period in 2019
Shoppers spent more in Alberta in June
After adjusting for inflation, retail sales over the first six months of the year were finally higher than they were during the boom in 2014
Inflation in Alberta spiked in July
The cost of goods and services in Alberta was 3.7% higher than 12 months earlier
New vehicle sales in Alberta still playing catch-up
Adjusting for inflation, year-to-date sales were 6.3% below the level set over the first half of 2019
Factory sales in Alberta falter in June
A drop in May's record-breaking wood product sales were the main reason for the decrease
Spending on building construction on par with 2019
While higher than last year, year-to-date investment in Alberta was only 1.3% above where it was in 2019 and 12.7% below the level set in 2018
Public, private and self-employment during COVID
The number of public sector employees in the province was up by 1.2% or about 5,000 over the reference period
Production is up
Oil production in Alberta over the first half of 2021 was the highest on record, averaging 3.53 million barrels per day between January and June
A long way to go: Global vaccination rates
As of August 8, 14.6% of the world population has received one dose of a COVID-19 vaccine while 15.5% is fully vaccinated
Business conditions in Calgary and Edmonton keep improving
Statistics Canada’s Real-Time Local Business Conditions Index shows that the situation in Calgary and Edmonton improved significantly in July
Number of jobs up in Alberta in July
Employment in Alberta increased by 12,300 for a monthly growth rate of 0.6%