These “Tough Economic Times”
It’s tough times out there in Alberta’s economy. If you don’t believe me, have a look at Alberta’s Monthly Economic Review for June. There are some pretty scary graphs in there that you won’t see reported in the mainstream media. I’ll let you read it so you can see which ones stand out to you. Graphs on bankruptcies, EI claims, unemployment, rig counts, exports, manufacturing all tell a similar tale: Alberta’s economy has clearly broken from trend, and is returning towards an average that goes a decade back. Let me rephrase that: Alberta’s economy has likely returned to its recent ten-year average, and I’m willing to bet it hasn’t bottomed out yet.
The graphs find their manifestation in the media in the form of an article on increased demands on social services in Calgary:
CALGARY – Calgarians are increasingly turning to a local help line for information on where to get relief as the economy continues to slump and job losses grow.
The 211 call centre–which connects callers to non-emergency community, social and government services–has recorded a steady uptick in Calgarians seeking assistance.
“It’s the highest call volumes ever, highest financial needs calls,” Jerilyn Dressler, the call centre’s supervisor, said Monday. “We’ve never seen anything like this.”
When is Calgary’s economy going to bottom out? I don’t think it’ll happen for at least another year. Until then, I expect to see a continued decline, possibly showing signs of recovery late this year. But I’m not counting on it.
