October 23 Economic Briefing
October 23 Economic Briefing
Posted on Thursday November 02, 2017 at 09:43AM
For your convenience, we will now be posting Economic Briefings on our blog, to keep you up to date with Alberta's economy. Our intent is to aid you and your industry in your decision making process, when it comes to developing in Alberta's Industrial Heartland, and Alberta in general. The full economic report, with charts and related news links, is also available for download.
October 23, 2017
In July 2017, the number of job vacancies in Alberta increased by 38.4% from the same month in 2016 to 35,300 vacancies. Over the same time frame, Canadian vacancies increased by 24.9% to 265,100.
Average Weekly Earnings
In August 2017, average weekly earnings in Alberta were $1,123, unchanged from the same period in 2016. Nationally, average weekly earnings were $971 in August, up 1.8% from the same period last year. Alberta's August average wage of $1,123 was well ahead of the next highest province, Newfoundland and Labrador, at $1,017.
In August 2017, the value of Alberta wholesale sales increased by 10.7% from August 2016 to $6.7 billion. Nationally, wholesale trade increased 10.1% over the same time period.
Grain deliveries in Alberta decreased 5.2% between September 2016 and September 2017, to 1.38 million tonnes. Canadian grain deliveries decreased 0.2% over the same time period. Alberta Canola, which made up 47.3% of Alberta grain deliveries, increased 19.3%, while non-durum wheat decreased 15.3%.
The number of exploratory and development wells drilled in August 2017 increased 92.2% from the same period a year ago, from 232 to 446. Most well types experienced gains, with oil and bitumen development wells increasing 111.0% and 150.0% respectively.
WCS Oil Prices
The West Texas Intermediate (WTI) price of oil, often a world reference price quoted in the media, averaged US$49.88 a barrel in September 2017, 10.3% higher than it was a year earlier. Western Canada Select (WCS), the price obtained for many Alberta producers for oil, averaged US$39.93 a barrel in September 2017, 30.4% higher than it was a year earlier. The differential of WTI over WCS was US$9.95 in September 2017.
Natural Gas Prices
The price of natural gas in August 2017 was CDN$1.72 per gigajoule, down 5.5% from August 2016. On a year-to-date basis, the average natural gas price is Alberta is up 48.4% through the first eight months of 2017 compared to the same period in 2016.
Author: Lamont County Now
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