More on Mr. H.'s Economy Management Skills
Yup we really need Mr. H.'s firm hand at the wheel!!
John Morrissy, Canwest News Service covered the job stats for July of this year at http://working.canada.com/resources/story.html?id=361bab58-e18d-46b6-a23c-841336bf5f1f
"55,000 jobs lost in July, most in Ontario
'Stunningly bad' number sends dollar down
The July decline, described by TD Securities economics strategist Charmaine Buskas as a “stunningly bad number,” struck Central Canada’s manufacturing sector particularly hard, with 41,000 factory jobs lost in Ontario.
The news sent the Canadian dollar down more than one cent, to 93.68 US cents. It closed Thursday at 94.97 US cents.
The unemployment rate dipped to 6.1 per cent from 6.2 per cent the month before, but the data is well short of economists’ estimates, which called for a modest uptick in employment of 5,000 jobs.
“This was way worse than expected and there was hardly a silver lining in the data. It will bring forward expectations for a rate cut that the market has already priced in,” Buskas said, referring to an anticipated interest rate cut by the Bank of Canada.
BMO Capital Markets economist Jennifer Lee said: “Canada’s economy is clearly downshifting,” with July’s job losses combining with the 5,000 jobs lost in June for the worst two-month stretch since the 1991 recession.
“Anyone reading the newspapers has been aware of the flurry of plant closings and downsizing announcements, and Statistics Canada surveys are finally catching up with the reality,” CIBC World Markets economist Avery Shenfeld wrote in a research note.
Private-sector losses came from manufacturing, construction as well commercial and educational services.
"Over the past 12 months, manufacturing employment across Canada was down 88,000, with nearly all the losses in Ontario," the federal agency said.
Net employment in Quebec declined by 30,000 jobs in the month, pushing the unemployment rate up 0.2 per cent to 7.4 per cent. Ontario shed 19,000 jobs - all in full-time. It was the largest-ever monthly drop in manufacturing jobs in Canada’s most populous province, according to Lee."
John Morrissy, Canwest News Service covered the job stats for July of this year at http://working.canada.com/resources/story.html?id=361bab58-e18d-46b6-a23c-841336bf5f1f
"55,000 jobs lost in July, most in Ontario
'Stunningly bad' number sends dollar down
The July decline, described by TD Securities economics strategist Charmaine Buskas as a “stunningly bad number,” struck Central Canada’s manufacturing sector particularly hard, with 41,000 factory jobs lost in Ontario.
The news sent the Canadian dollar down more than one cent, to 93.68 US cents. It closed Thursday at 94.97 US cents.
The unemployment rate dipped to 6.1 per cent from 6.2 per cent the month before, but the data is well short of economists’ estimates, which called for a modest uptick in employment of 5,000 jobs.
“This was way worse than expected and there was hardly a silver lining in the data. It will bring forward expectations for a rate cut that the market has already priced in,” Buskas said, referring to an anticipated interest rate cut by the Bank of Canada.
BMO Capital Markets economist Jennifer Lee said: “Canada’s economy is clearly downshifting,” with July’s job losses combining with the 5,000 jobs lost in June for the worst two-month stretch since the 1991 recession.
“Anyone reading the newspapers has been aware of the flurry of plant closings and downsizing announcements, and Statistics Canada surveys are finally catching up with the reality,” CIBC World Markets economist Avery Shenfeld wrote in a research note.
Private-sector losses came from manufacturing, construction as well commercial and educational services.
"Over the past 12 months, manufacturing employment across Canada was down 88,000, with nearly all the losses in Ontario," the federal agency said.
Net employment in Quebec declined by 30,000 jobs in the month, pushing the unemployment rate up 0.2 per cent to 7.4 per cent. Ontario shed 19,000 jobs - all in full-time. It was the largest-ever monthly drop in manufacturing jobs in Canada’s most populous province, according to Lee."
posted by Susan at 1:02 AM
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