“The impact of the oil-price collapse is hitting home in Canada’s oil patch and beyond as companies rethink plans to hire and invest. Businesses are gloomier about adding workers than they’ve been since early 2009, when the country was still reeling from the recession, according to the Bank of Canada’s quarterly business outlook survey, released Monday. “Lower oil prices continue to dampen overall sale outlook of firms, weighing on investment and hiring intentions,” the central bank said. Business conditions are worst in the energy sector, but the survey found evidence that companies further down the supply chain and in other industries are also feeling the pain,” wrote Barrie McKenna for the Globe and Mail on Monday.
McKenna continued, “The number of contracts up for grabs in Alberta “has started to slow down,” acknowledged Dennis Dussin, president of Alps Welding Ltd. of Woodbridge, Ont., a custom metal fabricator that does roughly half its work for the oil-and-gas industry. “But that’s only part of our business, so it hasn’t affected us that much,” he said. The company, which employs 75 people, does work from the exploration stage to refining, and the downstream end of the business is continuing to generate work.”
Read the full article here.
Raymond Matt, CFP, CLU, TEP, CHS
Subscribe to: Post Comments (RSS2)