Alberta Economic Briefs This Week



In September 2018 Alberta's seasonally adjusted unemployment rate was 7.0 per cent, down from the 7.8 per cent rate that was registered a year earlier and up slightly from last month's 6.7 per cent rate. The national unemployment rate was 5.9 per cent in September, down from last March's rate of 6.2 per cent.


Total employment in Alberta decreased by 2,900 jobs between August 2018 and September 2018 to 2,337,900. On a year-over-year basis, employment grew by 55,500 jobs or 2.4 per cent in September. Over the same period, Canada's employment increased by 1.2 per cent or by 222,400 jobs. Full-time employment increased by 2.0 per cent in Alberta while part-time employment decreased by 4.5 per cent on a year-over-year basis.


The dollar volume of homes sold in Alberta through the Multiple Listing Service (MLS) decreased 2.6 per cent to $2.03 billion in August 2018 compared to the same time period a year earlier. Nationally, total sales values were down 2.9 per cent, with British Columbia posting the largest decrease (-27.3 per cent). New Brunswick saw the largest year over year increase in sales volume, increasing 22.7 per cent to $164.5 million. In Alberta, Grande Prairie (+11.2 per cent) and Fort McMurray (+11.2 per cent) saw the largest year-over-year increases, while Lethbridge had the largest drop year-over-year in the province (-10.9 per cent).


Alberta's international merchandise exports were $10.9 billion in August 2018, 34.2 per cent higher than the same period last year. Canadian exports increased 15.2 per cent over the same period. In Alberta, all export categories increased, with exports of energy products, which made up 72.9 per cent of exports, increasing by 39.2 per cent.


incorporated in Alberta totalled 3,248, an increase of 2.8% from the same period a year earlier. Alberta incorporations were up 1.2 per cent to 32,931, while non-Alberta incorporations increased 20.1 per cent from a year earlier to 317.


Alberta business bankruptcies increased 160.0 per cent from 5 in July 2017 to 13 in July 2018. Consumer bankruptcies in Alberta increased by 30.2 per cent from 328 in July 2017, to 427 in July 2018.


Cattle prices in Alberta increased by 0.6 per cent in August 2018 compared to the same time period a year earlier, to $134.19 per hundredweight, the highest price in Canada. Hog prices decreased by 30.0 per cent in August 2018 compared to the same period a year earlier, to $60.53.


The average number of active drilling rigs in September 2018 was 140, increasing by 12 (9.4 per cent) from September 2017. The number of inactive rigs decreased 9.2 per cent from 303 to 275 over the same period.

Source: Alberta Economic Briefings

Posted on:
Wednesday, October 10, 2018