Canada’s Economy Boosted by Oil Rich Region

Looking deeper into last Friday’s jobs numbers, BMO’s Benjamin Reitzes says the Statistics Canada report “reinforced that the Alberta economy is in a league of its own.”

Employment in Alberta, home to Canada’s oil industry, has climbed 3.2 per cent over the course of a year, compared to just 0.1 per cent for the rest of Canada.

“That’s +71,200 jobs for Alberta and $14,300 for the rest of the country – note that Alberta accounts for just over 11 per cent of the country’s population,” Mr. Reitzes said.

“Six of 10 provinces saw employment drop below year-ago levels, including all five east of Ontario,” he added.

“Alberta’s energy sector continues to suck in workers, while the rest of Canada battles slowing domestic demand and the legacy of a strong loonie and weak productivity.”

Separately, as The Globe and Mail’s Tara Perkins reports today, Calgary’s housing market is red hot.

via The Globe and Mail

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza