November 27 Economic Briefing


November 27 Economic Briefing

Posted on Tuesday December 05, 2017 at 02:20PM

Welcome to the latest Economic briefing, in order 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.

November 27, 2017 

Unemployment Rate

In November 2017 Alberta's seasonally adjusted unemployment rate was 7.3%, down from the 9.0% rate that was registered a year earlier and also down from last month's rate of 7.8% The national unemployment rate was 5.9% in November, down from last November's rate of 6.8%.

Total employment in Alberta increased by 5,400 jobs between October and November 2017. On a year-over-year basis, employment grew by 34,300 jobs, or 1.5% in November. Over the same period, Canada's employment increased by 2.1% or by 390,000 jobs. Full-time employment increased 2.6% in Alberta while part-time employment decreased 2.9% on a year-over-year basis.

Average Weekly Earnings
In September 2017, average weekly earnings in Alberta were $1,146, up 3.6% from the same period in 2016. Nationally, average weekly earnings were $981 in September, up 3.2% from the same period last year. Alberta's September average wage of $1,146 was well ahead of the next highest province, Newfoundland and Labrador, at $1,028.

Job Vacancies
In August 2017, the number of job vacancies in Alberta increased by 43.5% from the same month in 2016 to 39,900 vacancies. Over the same time frame, Canadian vacancies increased by 25.4% to 275,700.

WCS Oil Price
The West Texas Intermediate (WTI) price of oil, often a world reference price quoted in the media, averaged US$51.58 a barrel in October 2017, 3.4% higher than it was a year earlier. Western Canada Select (WCS), the price obtained for many Alberta producers for oil, averaged US$39.87 a barrel in October 2017, 11.3% higher than it was a year earlier. The differential of WTI over WCS was US$11.71 in October 2017.

Oil Production
Oil production in Alberta was 15.3 million cubic metres in October 2017, marginally up 0.1% compared to October 2016. Non-conventional (or oil sands) production constituted 83.0% of all oil production in Alberta during October 2017. Production of non-conventional oil was down 2.1% while conventional oil production increased 12.4% on a year-over-year basis.

Natural Gas Production
In October 2017, marketable natural gas production increased by 4.9% compared to October 2016 to 9.2 billion cubic metres.

Author: Lamont County Now


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