Posted on 11/04/2012 7:02:42 PM PST by blam
MELTDOWN COMING: Canada Is Bleeding Private Sector Jobs, And Its Housing Market Is Tanking
Mike "Mish" Shedlock, Global Economic Trend Analysis
Nov. 4, 2012, 5:19 PM
The Financial Post has an interesting story on the state of the Canadian jobs market. It seem over 100% of job growth is from government jobs.
Please consider Employment numbers hide the fact Canada is bleeding private sector jobs
Canada may have added 1,800 jobs in October, but that number hides the fact that almost all the gains came from government and that the private sector lost more than 20,000 jobs.
The 1,800 jobs added was already a disappointment compared with the 10,000 economists had forecast. According to Statistics Canada, that left the unemployment rate unchanged at 7.4%.
The six-month average for jobs gains is now 29,400, according to Reuters. But its a very different story when you look at the private sector and public sector separately.
Details of the report were much worse than the headline number with the private sector showing a loss of 21,000 in October, the fourth decline in six months, said Matthieu Arseneau, senior economist with the National Bank of Canada. Over the period, the private sector is actually showing a loss of 12,000 jobs, compared to a surge of 76,000 jobs in the public sector.
With earnings of TSX companies down 30% so far in the third quarter, we do not expect a hiring spree anytime soon, he said.
(snip)
Economists never envision a meltdown. But a massive meltdown is coming anyway. I must admit the pool of greater fools in Vancouver and Toronto was far, far bigger than I thought possible, but at long last the pool seems to have dried up. A crash awaits.
(Excerpt) Read more at businessinsider.com ...
” - - - the private sector is actually showing a loss of 12,000 jobs, compared to a surge of 76,000 jobs in the public sector.
Sobering, very sobering.
In earlier days of a strong dollar policy (as in the days of Ronald Reagan) this would have indicated that the Canuks were managing the store just fine.
Guess times have changed.
Canada Ping!
I would suggest that the figures be viewed on a province by province basis. Liberal BC and Ontario (Vancouver and Toronto) are not the whole county though they are a significant part of the problem. Their provincial finances are a mess. They are like blue states in the USA.
Unemployment in Alberta is 4%, though the current conservative government is lead by what in the States would be called a RHINO, if a republican.
"Welcome to the party pal!"
“When Canada invades. . . and they will. . .I want you in the trenches with me.”
- Louie’s dad to young Louie, “Life With Louie” cartoon.
I remember articles for the past year with Canadians gloating that they had lower unemployment and were attracting Canadians back plus American workers. They boomed as an export economy, mostly because they were allowed to excavate oil sands and drill for oil.
Few remaining American manufacturers: may as well give it up and shut down. Import/associated interests like Shedlock will have our worthless dollar so propped up, you won’t be able to export anything.
Consumers won’t be able to buy anything before long, so cheapening foreign products won’t be enough. Nations outside of the USA that are engaging in currency and trade wars will lose those fights against the new Third World America and only succeed in following us to the bottom. [Look down—way down! You non-Americans have no idea of what’s happened or is about to happen in the USA.]
I remember articles for the past year with Canadians gloating that they had lower unemployment and were attracting Canadians back plus American workers. They boomed as an export economy, mostly because they were allowed to excavate oil sands and drill for oil.
tbw2, you say that like it's a bad thing...
Romney said he would OK the Keystone pipeline on the first day he takes office. Are you opposed to this?
No, I’m not opposed to the pipeline. I’m in the drill baby drill category. I’m simply stating that part of Canada’s boom has been as an export economy, and most exports are slowing along with demand.
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