Posted on Jul 12, 2021
FORECASTS SHOW ALBERTA EXPECTED TO HAVE THE HIGHEST UNEMPLOYMENT RATE AMONG LARGE PROVINCES
CALGARY - Forecasts from Canada’s six big banks show Alberta is expected to have the highest unemployment rate among the country’s largest provinces.
BMO, CIBC, National Bank, RBC, Scotiabank, and TD all released updated forecasts since June and predict that, on average, Alberta will have a higher unemployment rate than British Columbia, Saskatchewan, Manitoba, Ontario, and Quebec through the end of 2022.
“Albertans continue to struggle from record high levels of unemployment during the pandemic. But even before the pandemic, the UCP failed to create jobs as our economy stalled under their government,” said NDP Finance Critic Shannon Phillips. “Their corporate tax handout completely failed and they cut economic diversification programs that would have created a stronger and more resilient economy.”
News of the bleak job forecasts for Alberta come after the province lost 37,000 full-time jobs in June, while Canada’s other large provinces beat expectations and posted major gains. As a result, Alberta’s unemployment rate rose to 9.3 per cent, third highest in the country. Meanwhile, youth unemployment increased to 18.1 per cent and is now the highest in the country.
“In the middle of the pandemic, the UCP doubled down on their failed corporate handouts that saw the loss of billions of dollars and not a single job for Albertans. And rather than setting us up for a strong recovery, we’re now falling further behind the rest of the country as unemployment increases,” said Phillips. “Instead of a government focused on giving money to shareholders and CEOs, we need a government that makes economic diversification and job creation for Albertans a priority.”