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Economic Highlights for the Week of December 31, 2018

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Economic Highlights for the Week of December 31, 2018

A weekly update of Economic Highlights.

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Economic Dashboard Indicators Updated This Week

UNEMPLOYMENT RATE

Dec 2018

6.4%

-0.6% y/y

Analysis

In December 2018 Alberta's seasonally adjusted unemployment rate was 6.4%, down from the 7.0% rate that was registered a year earlier and up slightly from last month's 6.3% rate. The national unemployment rate was 5.6% in December, down from last December's rate of 5.8%.
 
Alberta
By Province
By Demographic

WCS OIL PRICE

Nov 2018

$11.03($US/bbl)

-75.8% y/y

Analysis

The West Texas Intermediate (WTI) price of oil, often a world reference price quoted in the media, averaged US$56.96 a barrel in November 2018, 0.6% higher than it was a year earlier. Western Canada Select (WCS), the price obtained for many Alberta producers for oil, averaged US$11.03 a barrel in November 2018, 75.8% lower than it was a year earlier. The differential of WTI over WCS was US$45.93 in November 2018.
 
Alberta

BANKRUPTCIES

Nov 2018

16

6.7% y/y

Analysis

Alberta business bankruptcies increased 6.7% from 15 in November 2017 to 16 in November 2018. Consumer bankruptcies in Alberta increased by 9.2% from 403 in November 2017, to 440 in November 2018.
 
Alberta
By Province
By Type

EMPLOYMENT

Dec 2018

2.3M

0.9% y/y

Analysis

Total employment in Alberta decreased by 16,900 jobs between November 2018 and December 2018. On a year-over-year basis, employment grew by 21,600 jobs or 0.9% in December. Over the same period, Canada's employment increased by 0.9% or by 163,300 jobs. Alberta employment increased by 42,500 in 2018, or 1.9%.
 
Alberta
By Province
By Type of Work

RETAIL TRADE

Oct 2018

$6.7B

-1.9% y/y

Analysis

Alberta's retail trade value decreased by 1.9% in October 2018 compared to October 2017, to $6.70 billion. Nationally, retail sales increased by 0.6% over the same time frame. In Alberta, gasoline stations (+16.9%) saw the largest increase, while sporting goods, hobby, and bookstores (-11.9%) had the largest decrease.
 
Alberta
By Province
By Product

NATURAL GAS PRICE

Oct 2018

$1.21($CDN/GJ)

9.0% y/y

Analysis

The price of natural gas in October 2018 was CDN$1.21 per gigajoule, up 9.0% from October 2017.
 
Alberta

Top Updates on Major Projects This Week

Major Neighbourhood Renewal Program - https://majorprojects.alberta.ca/details/Major-Neighbourhood-Renewal-Program/114
The 2015-2018 Edmonton neighborhood renewal will involve reconstruction in Avonmore, Bonnie Doon, Queen Alexandra, Rosslyn, Westmount, Westwood, Lansdowne, Lauderdale, Belgravia, Kilkenny, McKernan, Montrose, Strathern, Allendale, Bellevue/Virginia [Read More]

Peace Pipeline Expansion Phase 5 - https://majorprojects.alberta.ca/details/Peace-Pipeline-Expansion-Phase-5/3739
Peace Pipeline Expansion Phase 5 will add additional capacity to address constraints between Lator and Fox Creek. The project will add approximately 260,000 bpd of additional capacity.

Curtis Block Phase 1 - https://majorprojects.alberta.ca/details/Curtis-Block-Phase-1/3787
Phase 1 will build two high-rise apartment towers (36 and 32 floors) that will contain 628 units. Once, complete, the project will feature retail on the ground floor and 958 residential units in three towers.

Zoo Redevelopment Phase 1 - https://majorprojects.alberta.ca/details/Zoo-Redevelopment-Phase-1/760

Contact

For questions about the Weekly Economic Highlights, please contact economiclink@gov.ab.ca