Alberta will fare better than other provinces if recession comes, report says
Even with consumers feeling the pinch of inflation, report co-author and council economist Alicia Planincic says any potential recession will feel milder in Alberta as those higher commodity prices will fuel demand for labour."I think we've got a white-hot labour market and lukewarm wage growth. My hope is that that is also white hot in the in the next couple of months," she said.
"What we're seeing is actually a convergence where because wages are higher in Alberta, there's less of an increase while Canada's wages are increasing faster. You're actually seeing what's often named the 'Alberta wage advantage,'" said Charles St-Arnaud, chief economist with Alberta Central, who was not involved with the report.
"If businesses want to hire — and they do, most of our businesses are reporting they do want to increase staffing — they're going to have to entice workers who already have a job. And usually you do that with a higher offer," she said.Overall, she says the economy will be buoyed by higher commodity prices as production volumes continue to stay high.
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