Must be Notley's fault.
More layoffs anticipated as recession takes hold in Calgary and Alberta
Stephen Poloz said resources make up more than a quarter of the Alberta economy and “we’ve had to learn how to deal with large swings in their prices.”
“Any economy that relies on natural resources is naturally going to be challenged by large movements in their prices,” Poloz told a record crowd Monday at the annual 2016 Economic Outlook put on by Calgary Economic Development at the BMO Centre at Stampede Park.
“These shocks are more than just swings in Canada’s national income. They also force businesses to make decisions about the way resources such as their capital and labour are allocated. These decisions often lead to difficult adjustments, but they are necessary for maximizing our economy’s potential.”
Those “adjustments” have led to thousands of job losses in Alberta’s oilpatch already this year and more pain is expected in the coming days.
Mary Moran, president and chief executive with CED, said the record attendance, of close to 1,600 people, at the annual outlook event is an indication of how concerned Calgarians are about the city, the province and the country.
She said more layoffs are anticipated this fall as the city faces strong headwinds. She calls it the most challenging time for Calgary since the mid-1980s.
Todd Hirsch, chief economist with ATB Financial, said Alberta can expect a modest recession this year with a one per cent drop in its economy as oil prices are “discouragingly” low and volatility remains in the market. He said there will be a pick up in layoffs from now until Christmas and the unemployment rate in the province could reach 7.5 per cent, which is the highest since 2009.
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More layoffs anticipated as recession takes hold in Calgary and Alberta | Calgary Herald
More layoffs anticipated as recession takes hold in Calgary and Alberta
Stephen Poloz said resources make up more than a quarter of the Alberta economy and “we’ve had to learn how to deal with large swings in their prices.”
“Any economy that relies on natural resources is naturally going to be challenged by large movements in their prices,” Poloz told a record crowd Monday at the annual 2016 Economic Outlook put on by Calgary Economic Development at the BMO Centre at Stampede Park.
“These shocks are more than just swings in Canada’s national income. They also force businesses to make decisions about the way resources such as their capital and labour are allocated. These decisions often lead to difficult adjustments, but they are necessary for maximizing our economy’s potential.”
Those “adjustments” have led to thousands of job losses in Alberta’s oilpatch already this year and more pain is expected in the coming days.
Mary Moran, president and chief executive with CED, said the record attendance, of close to 1,600 people, at the annual outlook event is an indication of how concerned Calgarians are about the city, the province and the country.
She said more layoffs are anticipated this fall as the city faces strong headwinds. She calls it the most challenging time for Calgary since the mid-1980s.
Todd Hirsch, chief economist with ATB Financial, said Alberta can expect a modest recession this year with a one per cent drop in its economy as oil prices are “discouragingly” low and volatility remains in the market. He said there will be a pick up in layoffs from now until Christmas and the unemployment rate in the province could reach 7.5 per cent, which is the highest since 2009.
..more...
More layoffs anticipated as recession takes hold in Calgary and Alberta | Calgary Herald
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