After gushing about the “superstar” local economy at a speech in Calgary last November, the Conference Board of Canada’s chief economist, Glen Hodgson, ominously warned this week that “it’s going to be very hard for Alberta to avoid a recession this year.”
Hodgson’s stark prediction came before Suncor, Canada’s largest energy company, announced Tuesday that it’s cutting $1 billion from 2015 spending plans and will eliminate 1,000 jobs due to lower oil prices. Shell revealed last week it was cutting up to 300 jobs while Canadian Natural Resources said Monday it would cut $2.4 billion from its planned spending this year following similar cuts from other major producers.
Chosen excerpts by Job Market Monitor. Read the whole story at The “R” word enters Alberta’s economic discussion | Calgary Herald.