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4. Diverging unemployment rates. One of the nuances of the economic downturn is the very different impact it’s had on Edmonton versus Calgary. Unemployment in Calgary reached double digits in November compared to 6.9 per cent in Edmonton, which has a more diversified economy. The oil patch head offices that are so beneficial to Calgary have also been a main focus of staff cuts.

But the divergence in unemployment rates in Edmonton and Calgary is not only about the former being more diverse. The labour force – which is the total number of people working or looking for work – has been falling in Edmonton, yet increasing in Calgary. Total employment has stayed relatively consistent in both cities (although the quality of jobs has deteriorated). But it seems more job seekers are leaving Edmonton, while jobless Calgarians are sticking it out and waiting for better days ahead.

3. Forestry. The expiry of the softwood lumber agreement with the U.S. in 2015 was followed by a one-year moratorium on trade actions that ended in October. This means the U.S. can start imposing tariffs on Canadian lumber. How this will play into Trump’s threat to renegotiate NAFTA and his general approach to Canada-U.S. trade remains to be seen. With luck, a new deal on softwood will be struck but it is far from a sure thing.

2. Clouds gathering over ranching. The outbreak of bovine tuberculosis remains a serious concern. Despite $16.7 million in federal government support allotted to help ranchers cover costs caused by the quarantine and the compensation they will receive from the Canadian Food Inspection Agency for any cattle that have to be destroyed, the outbreak is still a huge blow to the 40 ranches in Alberta and Saskatchewan that are affected. It also threatens to erode the reputation of Canadian beef and, in turn, future international sales.