No short term fix for Alberta job losses: federal employment minister

CALGARY -- Canada's employment minister says there is no short-term fix for Alberta's growing unemployment rate.

MaryAnn Mihychuk met with Calgary business, municipal and economic leaders Monday to address economic difficulties facing the province.

See Full Article

She said there's no magic wand the federal government can wave to undo the impact of low oil prices, which have led to 40,000 job losses in the energy sector.

"We understand the crisis here in Alberta. It's not only here. This is the most dramatic, but it's also impacting Saskatchewan, Manitoba and B.C.," Mihychuk said.

One of the first things the federal Liberal government intends to do is move ahead with cash for infrastructure projects and there is likely to be funding in the upcoming federal budget, she said.

"This is going to be able to move some people from one sector to another. We will work with the province to ensure some training happens if some people need to be remobilized.

"But did I come with a wallet full of cash? No."

Mihychuk said she sympathizes with those who are facing tough times and the efforts they are making to try to carry on through the challenges.

But she warned things will probably get worse before they get better.

"Your unemployment numbers have gone up, which provided greater access to employment insurance. Is that going to be enough for this downturn? I don't think so."

Federal Conservative Leader Rona Ambrose accused the Liberals of having no economic plan, other than to tax and spend, to respond to the collapse of oil prices.

"I am urging Prime Minister Trudeau to recognize the job crisis in Alberta and be clear about his plan to support Alberta growth and job creation, both in the short and long term," Ambrose said in a statement.

Lost jobs in Alberta have put a tremendous strain on the province, she said.

"Across Alberta, thousands of families are facing the holidays without an income to cover basic needs.

"Food-bank use has skyrocketed and Albertans are increasingly battling emotional and mental-health issues because of their tough circumstances."

Ambrose said any federal plan should include job training, infrastructure spending and innovation investments. She also suggested the government needs to find a way to get pipelines approved and built.

"Canada loses billions by not accessing world prices for oil and developing export markets in the massive and growing Pacific Rim economies."



Advertisements

Latest Economic News

  • U.S. economic growth weakened to 0.7 per cent in first quarter

    Economic CBC News
    The U.S. economy turned in the weakest performance in three years in the January-March quarter as consumers sharply slowed their spending. The result underscores the challenge facing President Donald Trump in achieving his ambitious economic growth targets. Source
  • Trump tower fated not to rise in Indonesian isle of the gods

    Economic CTV News
    TANAH LOT, Indonesia -- Thousands of people flock daily to the centuries-old, sacred Hindu temple at Tanah Lot, a rock formation that juts into the Indian Ocean. An island at high tide and flanked by sheer cliffs, it's among Bali's most photographed sites, particularly for the mesmerizing sunsets that transform the waters into a shimmering orange vista. Source
  • Exxon's 1Q profit more than doubles on higher oil prices

    Economic CTV News
    IRVING, Texas -- Exxon more than doubled its profit in the first quarter as rising crude prices magnified the cost cuts made by the company as energy prices tumbled. The Irving, Texas, company earned $4.01 billion, or 95 cents per share, for the three month period, up from $1.81 billion, or 43 cents per share, a year earlier. Source
  • Imperial Oil reports $333M Q1 earnings, raises dividend to 16 cents

    Economic CTV News
    CALGARY - Imperial Oil (TSX:IMO) is reporting first-quarter earnings that reversed a loss in the same period of last year but fell short of analyst expectations. The Calgary-based oil producer and refiner says net income was $333 million or 39 cents per share in the three months ended March 31, boosted by a gain of $151 million on the sale of former refinery lands in Mississauga, Ont. Source
  • Home Capital director quits, citing potential conflict

    Economic CTV News
    TORONTO -- The chief executive of HOOPP has resigned as a director of Home Capital Group and its subsidiaries, citing a potential conflict of interest following the pension fund's decision to provide $2 billion of credit to the mortgage company. Source
  • German airlines to scrap requirement for 2 people in cockpit

    Economic CTV News
    BERLIN -- Germany's aviation association says the country's airlines have decide to scrap rules requiring two people in the cockpit at the same time, implemented after a Germanwings pilot is believed to have crashed his own plane in France two years ago. Source
  • Apple cuts off payments, Qualcomm slashes expectations

    Economic CTV News
    NEW YORK -- Qualcomm slashed its profit expectations Friday by as much as a third after saying that Apple is refusing to pay royalties on technology used in the iPhone. Its shares hit a low for 2017. Source
  • Canadian GDP flat in February after hot start to 2017

    Economic CTV News
    OTTAWA - Canadian economic growth took a pause in February after the break-neck pace seen at the start the year. Statistics Canada says gross domestic product was unchanged in February. The result matched the expectations of economists, according to Thomson Reuters. Source
  • Trump seeks to expand offshore drilling

    Economic CTV News
    WASHINGTON -- Working to dismantle his predecessor's environmental legacy, U.S. President Donald Trump plans to sign an executive order Friday that could lead to the expansion of drilling in the Arctic and Atlantic oceans. With one day left to rack up accomplishments before he reaches his 100th day in office, Trump will order his interior secretary to review an Obama-era plan that dictates which locations are open to offshore drilling, with the goal of the new administration to expand…
  • Trump signs order to expand ocean oil drilling

    Economic CTV News
    U.S. President Donald Trump has signed an executive order that will roll back restrictions on oil drilling in the Arctic. Trump says at a White House signing ceremony, "Today, we're unleashing American energy and clearing the way for thousands and thousands of high-paying energy jobs. Source