Fourth wave weighs on business conditions
Conditions got worse in five of the seven cities included in the index
By Rob Roach, ATB Economics 20 September 2021 1 min read
Although much better than at earlier points in the pandemic, the latest data from Statistics Canada show that business conditions deteriorated in both Calgary and Edmonton during the week of September 6 to 12, 2021.
As the fourth wave of COVID-19 was continuing to build, the Real-Time Local Business Conditions Index* in Calgary was sitting at 196, down from 201 the week before. In Edmonton, the index went from 227 to 218.
A rising index reflects improving business conditions in an urban centre, while a declining index signals deteriorating business conditions.
Conditions got worse in five of the seven cities included in the index; Toronto and Winnipeg were the exceptions.
In Calgary, the index got as low as 87 the week of September 21, 2020. Edmonton’s index reached its lowest point the week of August 31, 2020 when it was just 94.
With the province declaring a state of public health emergency and new health measures on September 15, the index will probably continue to fall, but is unlikely to return to the extremely low levels seen during previous waves.
*The Real-Time Local Business Conditions Index is experimental and measures the business conditions in Calgary, Edmonton, Montreal, Ottawa, Toronto, Vancouver and Winnipeg using the week of August 10, 2020 as a starting point.
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