Economic Highlights for the Week of December 2, 2019

Information & Updates

Economic Highlights for the Week of December 2, 2019

A weekly update of Economic Highlights.

Economic Dashboard Indicators Updated This Week

UNEMPLOYMENT RATE

Nov 2019

7.2%

1.0% y/y

Analysis

In November 2019, Alberta's seasonally adjusted unemployment rate was 7.2%, an increase of 1.0% from November 2018. The national unemployment rate was 5.9% in November 2019, up 0.3% from the same period in 2018.
 
Alberta
By Province
By Demographic

CATTLE PRICE

Oct 2019

$132.50($/hundredweight)

-3.6% y/y

Analysis

Cattle prices in Alberta decreased by 3.6% in October 2019 compared to the same time period a year earlier, to $132.50 per hundredweight, the highest price in Canada. Calf prices fell by 3.3% year-over-year in October 2019 to $174.43 per hundredweight. Hog prices decreased by 2.8% in October 2019 compared to the same period a year earlier, to $70.92 per hundredweight.
 
Alberta Cattle
Cattle By Province
Alberta Calves
Alberta Hogs

BANKRUPTCIES

Oct 2019

15

15.4% y/y

Analysis

The number of Alberta business bankruptcies in October 2019 increased by 15.4% from the same period a year ago, from 13 to 15. The number of Canadian bankruptcies decreased by 9.2% over the same time period. Consumer bankruptcies in Alberta increased by 8.7%, from 447 in October 2018, to 486 in October 2019.
 
Alberta
By Province
By Type

ACTIVE DRILLING RIGS

Nov 2019

97

-27.6% y/y

Analysis

The average number of active drilling rigs in November 2019 was 97, decreasing by 40 (-27.6%) from November 2018. The number of inactive rigs increased by 1.8% from 272 to 277 over the same period.
 
Alberta
By Type

EMPLOYMENT

Nov 2019

2.3M

-0.8% y/y

Analysis

Total employment in Alberta decreased by 18,200 jobs between October and November 2019. On a year-over-year basis, employment decreased by 18,200 jobs or -0.8% in November. Over the same period, Canada's employment increased by 1.6% or by 292,900 jobs. Part-time employment had the largest year-over-year change, growing 3.3% compared to November 2018. Full-time employment decreased by 1.6% over the same period.
 
Alberta
By Province
By Type of Work

WHEAT PRICE

Oct 2019

$231.23($/metric tonne)

-6.2% y/y

Analysis

In October 2019, Alberta non-durum wheat prices, which include the weighted average prices of milling and other wheat excluding durum, recorded $231.23/metric tonne, down 6.2% from October 2018. Durum wheat was $283.93/metric tonne in October 2019, 16.0% higher than October 2018.
 
Alberta
By Province

MERCHANDISE EXPORTS

Oct 2019

$9.8B

-8.4% y/y

Analysis

Alberta's international merchandise exports were $9.78 billion in October 2019, a decrease of 8.4% over October 2018. Canadian exports decreased by 1.5% over the same period. In Alberta, the largest year-over-year gains were in industrial machinery and equipment (+5.7%) and consumer goods (+5.8%), while the largest declines included farm, fishing and intermediate products ( -19.9%) and basic and industrial chemical, plastic and rubber products (-30.1%).
 
Alberta
By Province
By Commodity

BUSINESS INCORPORATIONS

Nov 2019

3,024

-12.2% y/y

Analysis

In November 2019, the number of businesses incorporated in Alberta totalled 3,024, a decrease of 12.2% from the same period a year earlier. Alberta incorporations were down 12.4% to 2,692, while non-Alberta incorporations decreased 10.8% from a year earlier to 332.
 
Alberta
By Type

AIR PASSENGERS

Oct 2019

2.1M

-1.5% y/y

Analysis

The number of air passengers passing through Alberta's three largest airports decreased by 1.5% in October 2019 compared to the same period a year earlier. About half of all air passengers (49.4%) moved through Calgary International Airport as domestic passengers. Edmonton international passengers had the largest year-over-year drop (-26.4%) compared with October 2018, while Edmonton transborder passengers saw the largest year-over-year increase (+11.4%). Transborder flights are defined as direct flights between the US and Canada.
 
Alberta
By Flight Type

Top Updates on Major Projects This Week

Forty Mile Wind Power Project (Granlea Phase) - https://majorprojects.alberta.ca/details/Forty-Mile-Wind-Power-Project-Granlea-Phase/3977
The project involves the construction of 45 wind turbines that will be capable of producing 202.5 Mw of power.

A positive investment decision was announced on December 3, 2019, with construction to start by the end of the year.

May River Oil Sands Project Phase 1 - https://majorprojects.alberta.ca/details/May-River-Oil-Sands-Project-Phase-1/582
A 12,000-barrel-per-day thermal oil sands project. Final output expected to be roughly 100,000 bpd.

Seven Generations Energy Office Building - https://majorprojects.alberta.ca/details/Seven-Generations-Energy-Office-Building/3976
The project involves the construction of a new 60,000 square foot office building to support Seven Generations Energy's 175 staff.

Contact

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