ATB predicts more Alberta oilpatch layoffs
Provincial economy set to fall by 1.9% this year after a 4% contraction in 2015.
CALGARY — ATB Financial is predicting more tough times for Alberta in the second half of the year.
The provincially-owned lender says the economy is set to fall by 1.9% this year after a 4% contraction in 2015. It says the Fort McMurray, Alta., wildfires will stall economic growth this year, but rebuilding will help boost the numbers in 2017 to a positive 2%.
Chief economist Todd Hirsch says the slowdown in Alberta’s energy sector over the summer will mean more layoffs, driving the unemployment rate above 8%, up from 7.9% in June.
Meanwhile, he says the weak economy will affect retail and housing markets and lead to a net outflow of interprovincial migrants.News from © Canadian Press Enterprises Inc. 2016