Latest news with #AlbertaCentral
CBC
2 days ago
- Business
- CBC
Alberta led nation in employment gains with 30,000 net job growth in June: Statistics Canada
Social Sharing Statistics Canada's newly-released J une 2025 Labour Force Survey indicates employment numbers grew by 83,000 in June, with Alberta leading that increase. The province saw a net gain of 30,000 new jobs, with 51,300 full-time jobs created and 21,300 part-time jobs lost. Those numbers represent a 1.2 per cent increase in Alberta's employment rate, with 2,594,100 people currently working. The province's unemployment rate went down 0.6 per cent, bringing it to 6.8 per cent, or 189,000 for June. 'Such a big rebound' Alberta Central chief economist Charles St-Arnaud said parts of the report were "surprising," with the growth numbers exceeding his expectations. "We were not expecting such a big rebound in employment," he said. "83,000 nationally, 30,000 in Alberta, that's really big." Alberta's first-place employment increase was followed by Quebec's 23,000 net job gain and Ontario with 21,000. With 0.4 per cent growth across Canada, June saw the first nationwide employment increase since January. The 6.8 per cent unemployment rate sits just below the national rate of 6.9 per cent. Services-producing sector leads Alberta job growth June saw employment numbers rise in 10 of 16 industries, according to the data. Alberta's service sector had the highest overall employment growth in June, going up by 30,600 jobs, or 1.6 per cent from May 2025. Within that sector, the top-growing industries were finance, insurance, real estate, rental and leasing (8,300 new jobs), health care and social assistance (6,700) and business, building and other support services (5,500). The goods-producing sector shrank by 0.1 per cent in June, with 600 jobs lost across the board since May. Agriculture employment went down by 6.2 per cent, with 2,600 jobs lost, while manufacturing (4.7 per cent, 6,800 new jobs) and natural resources (2.8 per cent, 4,000 new jobs) went up significantly. Job growth reflects population growth Kate Koplovich, director of strategy at Calgary Economic Development, said the numbers reflect the province's growth, but added she will be "waiting to see if this is a short-term gain, or if this really shows long-term resilience." In a statement, Minister of Jobs, Economy, Trade and Immigration Joseph Schow said the data is "welcome news" for the province. He said it's "proof that our plan to grow Alberta's economy is working as we remain strong, stable and resilient." He pointed to the drop in youth unemployment — 17.2 to 16.4 per cent — as a sign that "more young people who choose Alberta are finding meaningful jobs to start building their future."
Yahoo
2 days ago
- Business
- Yahoo
Alberta led nation in employment gains with 30,000 net job growth in June: Statistics Canada
Statistics Canada's newly-released June 2025 Labour Force Survey indicates employment numbers grew by 83,000 in June, with Alberta leading that increase. The province saw a net gain of 30,000 new jobs, with 51,300 full-time jobs created and 21,300 part-time jobs lost. Those numbers represent a 1.2 per cent increase in Alberta's employment rate, with 2,594,100 people currently working. The province's unemployment rate went down 0.6 per cent, bringing it to 6.8 per cent, or 189,000 for June. Alberta Central chief economist Charles St-Arnaud said parts of the report were "surprising," with the growth numbers exceeding his expectations. "We were not expecting such a big rebound in employment," he said. "83,000 nationally, 30,000 in Alberta, that's really big." Alberta's first-place employment increase was followed by Quebec's 23,000 net job gain and Ontario with 21,000. With 0.4 per cent growth across Canada, June saw the first nationwide employment increase since January. The 6.8 per cent unemployment rate sits just below the national rate of 6.9 per cent. June saw employment numbers rise in 10 of 16 industries, according to the data. Alberta's service sector had the highest overall employment growth in June, going up by 30,600 jobs, or 1.6 per cent from May 2025. Within that sector, the top-growing industries were finance, insurance, real estate, rental and leasing (8,300 new jobs), health care and social assistance (6,700) and business, building and other support services (5,500). The goods-producing sector shrank by 0.1 per cent in June, with 600 jobs lost across the board since May. Agriculture employment went down by 6.2 per cent, with 2,600 jobs lost, while manufacturing (4.7 per cent, 6,800 new jobs) and natural resources (2.8 per cent, 4,000 new jobs) went up significantly. Kate Koplovich, director of strategy at Calgary Economic Development, said the numbers reflect the province's growth, but added she will be "waiting to see if this is a short-term gain, or if this really shows long-term resilience." In a statement, Minister of Jobs, Economy, Trade and Immigration Joseph Schow said the data is "welcome news" for the province. He said it's "proof that our plan to grow Alberta's economy is working as we remain strong, stable and resilient." He pointed to the drop in youth unemployment — 17.2 to 16.4 per cent — as a sign that "more young people who choose Alberta are finding meaningful jobs to start building their future."
Yahoo
18-06-2025
- Business
- Yahoo
Job vacancies slump as tariffs push some sectors below pre-pandemic levels
The weight of Donald Trump's tariffs is being felt in several sectors of the Canadian labour market, with job vacancies in some industries dropping below pre-pandemic levels, says an economist. Job vacancies fell 3.8 per cent in the first quarter from the fourth quarter of 2024 and were down 18.1 per cent from the same quarter last year, according to Statistics Canada data released Tuesday. 'The general message of the report is we have a slowing labour market,' Charles St-Arnaud, chief economist at credit union Alberta Central, said. 'We are seeing signs of increased slack in the economy and businesses that are not willing to hire.' He said tariffs are one of the factors having an effect on vacancies, pointing out that vacancies in the trade-sensitive retail sector fell to their lowest level since the fourth quarter of 2016. Warehousing and transportation vacancies dropped to their lowest level since the third quarter of 2017. Other sectors where openings have contracted below 2019 levels include information and culture and finance and insurance. Overall, job vacancies are down to average levels recorded pre-pandemic. Still, the declining number of vacancies signals that Canada's job market is 'stalling,' St-Arnaud said. Statistics Canada has tracked a rising unemployment rate and negative average job gains from February to May. The jobless rate in Canada currently stands at seven per cent, and has steadily risen since dropping to a record low of 4.8 per cent in July 2022. The vacancy report lines up with what the job numbers have been telegraphing, St-Arnaud said. In the first quarter, the number of unemployed people rose 200,900, while the number of job vacancies fell by 115,200. That led to the unemployment-to-job vacancy ratio — the number of people without work per position — rising to 2.9 per cent in the first quarter compared to 2.8 per cent in the fourth quarter and two per cent a year ago. Along with tariffs, 'relatively weak' economic growth over the past few quarters has discouraged businesses from making new hires, something that is proven out by a 'negative' Canadian Federation of Independent Business hiring intentions index. Slowing population growth curbed demand and that, too, has dampened hiring, St-Arnaud said. Another symptom of shrinking vacancies and demand for workers is the slowing average hourly wage growth. Statistics Canada also said vacancies fell the most for jobs that called for a high school diploma or less. Canada's youth job market 'in dire straits' Canada's unemployment rate hits 7% St-Arnaud said the first quarter results likely pave the way for more of the same in the second quarter. 'What we're seeing will likely continue: the same trend of (a) continued, gradual, kind of more marginal decline in the vacancy rate going forward,' he said. • Email: gmvsuhanic@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
10-06-2025
- Business
- Globe and Mail
Why is Alberta so grumpy? The truth is the West has been struggling badly
Charles St-Arnaud is chief economist at Alberta Central. The following is adapted from a recent report by the financial institution. Western alienation has a long history in Alberta, from the lack of bank lending to the province in the 1930s, to the National Energy Program in 1980, to what is currently viewed as an overrestrictive regulatory framework that stymies the oil and gas industry. With this as a background, the election of a fourth consecutive Liberal government has led to the most recent surge of discontent in Alberta and fanned the flames of separatism to the point where a referendum on the subject is becoming highly likely. The reaction and dismay in other parts of Canada to that rising discontent is a sign that the rest of Canada is oblivious to Alberta's situation. The main reason behind the growing discontent? As U.S. Democratic strategist James Carville described the central issue of the 1992 presidential campaign: 'It's the economy, stupid.' This is what makes the situation in Alberta more comparable to the campaign for Brexit than to the sovereignty movement in Quebec. And, despite the Alberta government's assertion that the province is doing great economically, it is not; in fact, it has been struggling for the past decade. Andrew Coyne: We wasted 60 years indulging secessionist fantasies in Quebec. Must we make the same mistake in Alberta? Opinion: The spectre of Alberta separatism might actually be good for Canada's economy Many look at Alberta with envy, as it is the wealthiest province, boasting a GDP-per-capita of approximately $72,600 in 2024, roughly 30 per cent higher than the national average. However, what is less well known is how Alberta has experienced a significant decline in its standard of living and household purchasing power as it adapts to the 2014 oil bust. Following the 2014 crash, Alberta's economic activity declined by about 7 per cent, and it took eight years to fully recover. To put this into perspective, this represents a similar economic downturn to the one experienced by Spain, Portugal, and Italy during the global financial crisis. As a result, Alberta's GDP per capita in 2024 was only marginally above its level in 2004. In other words, the province's living standard have not improved in two decades. This situation has significant implications for households in the province. While Albertans' real disposable income per person is still higher than the national average by about 5 per cent, it has declined by about 13 per cent since 2014. This represents a significant reduction in the average Albertan's purchasing power, with the province's performance trailing that of B.C., Ontario, and Quebec, which gained 9 per cent, 5 per cent, and 7.5 per cent, respectively, over the same period. Some would argue that the decline in purchasing power is only a result of a drop in incomes over the past decade for workers in the oil patch, but this is not the case. However, looking at median wages, adjusted for inflation, purchasing power has fallen for workers in most industries since 2014, led by the education, health care, construction, and arts and entertainment sectors; oil and gas workers have seen an increase in their purchasing power over the period. In addition, since the mid-2010s, younger and older cohorts of workers, especially men, are less likely to be employed now than they were 10 years ago; the employment rate for both groups has dropped by about 10 percentage points. The general feeling that is fuelling discontent in the province is that no economic progress has been made over the past decade, and that Albertans are falling behind, whether individually through lower purchasing power and employment potential, or collectively, because of a lack of growth in GDP per capita and prolonged recovery. This situation is similar to what has been observed south of the border, where manufacturing workers feel that the system has left them behind, fuelling the populist movement. A lack of understanding of the situation only fuels more resentment; remember presidential candidate Hillary Clinton's comments regarding the 'deplorables' during the 2016 U.S. elections. These economic developments are mostly the direct impact of the oil bust of 2014 and a global reduction in investment by oil and gas companies over the past decade. However, the federal government is not without blame. Many regulations introduced in recent years, whether it's the 'emission cap' or the 'clean electricity grid,' have been badly designed and often affect Alberta disproportionately. The inherent flaws in these regulations raise questions about whether the federal government is intentionally trying to hurt Alberta. With all this in mind, the rest of the country should, to quote fictional TV soccer coach Ted Lasso, 'be curious, not judgmental.' Most Albertans, having fallen behind over the past decade, do not want to separate, but they want their concerns to be known, acknowledged, and heard by the rest of the country. Some understanding and empathy could go a long way to bridge the gap.
Calgary Herald
21-05-2025
- Business
- Calgary Herald
Varcoe: Weak growth, rising prices make job 'a lot hard harder,' as central bank governors meet in Banff
Article content In Canada, data released this week indicated the year-over-year inflation rate increased by 1.7 per cent in April, down from a 2.3 per cent hike in March. Article content The drop was powered by lower pump prices, which tumbled 18 per cent from a year earlier as the federal government ended the national carbon tax and oil prices dipped. Article content Without the effect of energy and the carbon tax, the inflation rate increased by 2.9 per cent, up from 2.5 per cent in March — and consumers continued to feel the pinch at the grocery store. Article content 'On the surface, it looks OK, but when you dig and look under the hood, there'd be reason to be concerned,' said Alberta Central chief economist Charles St-Arnaud, noting core inflation was above three per cent. Article content 'It puts the Bank of Canada in a very hard situation, because we've seen the labour market be on the weaker side . . . Normally, the bank could cut to provide support, but with inflation being at the top end of the inflation target — and maybe above — it starts to be harder for them to justify cutting.' Article content Article content Over the past year, the Bank of Canada has reduced its key policy rate from five per cent down to 2.75 per cent, although it has left it unchanged since the last adjustment in March. Article content With the economy slowing and unemployment rising, it sparks questions about the best approach to deal with rising prices. Article content During a speech in Calgary in March, Macklem was asked about the risk of stagflation facing the Canadian economy. Article content 'The reality is new tariffs, combined with retaliatory tariffs, mean a weaker economy and higher inflation,' he told the audience. Article content 'A weaker economy is going to put downward pressure on inflation. New costs, new tariffs, a weaker exchange rate, supply chain disruptions, those are all going to put upward pressure on inflation. So we're looking at both of those pressures.' Article content South of the border, the U.S. gross domestic product contracted during the first quarter, and the Federal Reserve decided earlier this month it would not reduce interest rates. In April, the U.S. inflation rate was 2.3 per cent compared with a year earlier. Article content Article content Analysts believe a trade deal reached between the U.S. and the United Kingdom this month could help ease the uncertainty on the trade front compared with early April, after the White House unveiled its reciprocal tariffs, which were later paused for 90 days. Article content Article content But at his company's investor day meeting this week, JPMorgan Chase & Co. CEO Jamie Dimon spoke about trade concerns still creating risks. Article content 'I think the chance of inflation going up and stagflation is a little bit higher than other people think,' he said. Article content Poloz, who was Bank of Canada governor from 2013 until 2020, noted the U.S. baseline tariff rate of 10 per cent that the United Kingdom agreed to is still relatively high. Article content And he equated the uncertainty and effect of tariffs on the economy to 'throwing sand into the gears of a beautiful Ferrari. It just doesn't work as well as before.'
