More good news!!

[Krustee]

I guess by now some of you are hoping I die a painful & grotesque death from some exotic disease but ....


More news on our economy!!!!


Yes - that's right folks, I have predicted the US mess would cross the 49th & firmly plant itself here & for a fourth consecutive month employment has fallen here in the land of loons.

Some of you scoffed at my prediction of double digit unemployment here in the Great White North, but folks, we are edging ever closer to that reality.


"A U.S. style pace of labour market deterioration has landed on Canada's doorstep," - Derek Holt

Canada's unemployment rate rises to 7.7 per cent

Updated: Fri Mar. 13 2009 8:14:41 AM

CTV.ca News Staff

Canadian employers slashed 82,600 jobs in February, pushing the unemployment rate up to 7.7 per cent, Statistics Canada reported Friday.

According to the report, all of the employment losses in February were full-time positions (110,900), while part-time employment edged up slightly (28,300).

The largest job losses were in Ontario, where employers cut 35,000 positions.

"Since last October, just over half of the country's total employment losses have occurred in Ontario, well beyond the province's 39 per cent share of the total working-age population," Statistics Canada noted.

Alberta was second with 24,000 job cuts in February while Quebec lost 18,000.

Employment decreased the sharpest in the construction industry with more than 43,000 jobs lost in February.

Meanwhile, the hardest hit segment of the labour force was young male workers. In the past four months, employment among men aged 15 to 24 decreased by 104,000.

Economists had been expecting the report to show an overall loss of about 50,000 jobs in February.

"Between all the job losses concentrated on full-time positions and the unemployment rate bouncing up more than expected it was clearly a very weak report from head to toe," Douglas Porter, deputy chief economist at BMO Capital Markets, said in a note.

The losses build on the 129,000 jobs slashed in January. Since last October, Canadian employers have axed 295,000 jobs.

"A U.S. style pace of labour market deterioration has landed on Canada's doorstep," Derek Holt, an economist at Scotia Capital, said in a note.

Ken Georgetti, president of the Canadian Labour Congress, said the government needs to move quicker to help unemployed workers.

"These people had no part in the economic crisis, they're victims," Georgetti told CTV's Canada AM on Friday. "When they need the support from their employment insurance program and they need their government to back them up they ignore them."

The only provinces that did not record job losses were Prince Edward Island, Nova Scotia, Manitoba and Saskatchewan.

Last week, the U.S. Labour Department reported 651,000 jobs were lost south of the border in February.

The cuts pushed the U.S. unemployment rate to 8.1 per cent, which is at its highest level since 1983.

In total, roughly 12.5 million Americans are now unemployed.

http://toronto.ctv.ca/servlet/an/lo...ss_report_090313/20090313/?hub=TorontoNewHome

comments?

 

[magicmystery]

comments?

Yes, the title of this thread is misleading.

 

[Krustee]

Yes, the title of this thread is misleading.

Ironic eh?

 

[Sit_on_my_face]

I guess by now some of you are hoping I die a painful & grotesque death from some exotic disease but ....


More news on our economy!!!!


Yes - that's right folks, I have predicted the US mess would cross the 49th & firmly plant itself here & for a fourth consecutive month employment has fallen here in the land of loons.

Some of you scoffed at my prediction of double digit unemployment here in the Great White North, but folks, we are edging ever closer to that reality.


"A U.S. style pace of labour market deterioration has landed on Canada's doorstep," - Derek Holt




comments?

I'm not disagreeing with you at all. I too have said to people I know that double digit unemployment will happen before this mess turns around for the good.

This will no doubt be a slow turn around. No V shape recovery this time IMHO.

At some point in the very near future, oil prices will spike and rates will have to head upwards putting pressure on consumers. That will be another task in itself.
Unemployment will begin to head downwards in 2010 and recover slowly in time.

I hope is that Vancouver Real Estate declines further in 09.

Comments?

 

[InTheBum]

Who cares if unemployment goes up a few percent...

If you are skilled or somewhat intelligent, getting a job or job(s) is easy. Unfortunately, the power has shifted back to employers, so once you agree to a set salary ofr wage, you will likely be stuck at that amount long-term, unless you quit, canned, or get promoted.

 

[FunSugarDaddy]

Some good news really

Things seem to be getting marginally better. The stockmarket was up by 9% last week and as someone at CNN commented they would have been happy to get a 9% increase in the year, never mind the week. Today the market appears to be headed for another positive day, although things could easily change.

Realtor's I've spoken with have said the activity on the lower end of the market is picking up, and that's a first step in stablizing the real estate market here on the lower mainland.

So we may be heading in the right direction but it's too early to say with any degree of certainty.

 

[Cock Throppled]

Comment - What kind of asshole delights in being right about other people's misery?
Unemployemnt is a lagging indicator of the economy. It's not like it was unexpected, krustee.

 

[mclovin76]

Things seem to be getting marginally better. The stockmarket was up by 9% last week and as someone at CNN commented they would have been happy to get a 9% increase in the year, never mind the week. Today the market appears to be headed for another positive day, although things could easily change.

Realtor's I've spoken with have said the activity on the lower end of the market is picking up, and that's a first step in stablizing the real estate market here on the lower mainland.

So we may be heading in the right direction but it's too early to say with any degree of certainty.

your obviously in the financial district, but since when does the stock market trully reflect the US economy lol, or canada. The only reason why the the housing market might pick up is because the new assesments are coming in and they are not going to be frozen like last years lol

 

[mclovin76]

people are trying to get out of their expensive mortgages right now specially the ones with jobs in the falling economies such as construction. They now have to sell and before the new assesments come in for next year.The olympics are fucked, there is now way that tourists want to come to canadas gang land. Right now its 2 little groups fighting for cocaine control just wait till the big guys start hurting, then you will trully c the dark side of vancouver, even the cops will stay home. Canada is going to be hit hard but luckily our banks didnt give out nearly as high as a percentage of 0 down mortgages that the states did. This is the only reason why we might scrape by, and the fact that oil should go back into the 80's. Expect food shortages, high unemplyment close to 15 % and extremely high crime rates, unless they legalize drugs.

 

[mclovin76]

were expecting this to last 4 years,not 18 months. The us dollar is about to be hyperinflated, europes banks are fucked currencies are just crap, people still believe in the us dollar beause everything else sucks worse. Asia is expected to pull thru, and a new comer is to arise from all this, yes brazil. They have more gold then the world put together, they have a great ethanol program wich 80 percent of their cars can run on, made from sugar cane. The us keeps sending them billions in " aid " so they dont dump it all on the market crashing the bullion based economies. and little countries like chile with no foreign debt and stock piles of cash to last them thru the next 5 years, like nothing is going on. Guess it takes a woman president to save eough for a rainy day.

 

[FunSugarDaddy]

your obviously in the financial district, but since when does the stock market trully reflect the US economy lol, or canada. The only reason why the the housing market might pick up is because the new assesments are coming in and they are not going to be frozen like last years lol

Mostly I'm just tired of ready about all the negative bull shit from a couple of posters. It doesn't absolutely nothing to advance anything. We all know the situation and gloating about it seem to me to be morbid.

The stock market matters, if you don't think it does then obviously you don't own stocks. And the reason the housing market is picking up Estein is for two reasons. One is the base in which it's starting from is extremely low, so it doesn't take a whole lot to paint a better picture given the dismal situation and secondly mortgages are at historical lows. There's certainly a percentage of people in Vancouver hoping to buy their first homes, and things like better now than they have in years, in terms of affordability.

 

[mclovin76]

oh and why is canada fucked, well we are a nafta based economy, when our trading partners suffer so do we. We dont yet have the infrostructure to become self reliant and the states wont let us either. If the ship sinks were all fucking swimming. Save food, invest in silver,take hunting corses and learn to grow vegetables hydroponically and outside. Thats if you dont wana have an egg and rice for dinner for a couple of years. Vitamins and seeds to grow your own veggies. For people like me who have been thru this shit before its easy cause i can hunt, and grow and im trained in wilderness survival but for those who relly on your government to help you lol your fucked when the shit hits the fan.

 

[HB40]

Mostly I'm just tired of ready about all the negative bull shit from a couple of posters. It doesn't absolutely nothing to advance anything. We all know the situation and gloating about it seem to me to be morbid.

For people like me who have been thru this shit before its easy cause i can hunt, and grow and im trained in wilderness survival but for those who relly on your government to help you lol your fucked when the shit hits the fan.

I guess he didn't read your comment FunSugarDaddy.

 

[mclovin76]

Mostly I'm just tired of ready about all the negative bull shit from a couple of posters. It doesn't absolutely nothing to advance anything. We all know the situation and gloating about it seem to me to be morbid.

The stock market matters, if you don't think it does then obviously you don't own stocks. And the reason the housing market is picking up Estein is for two reasons. One is the base in which it's starting from is extremely low, so it doesn't take a whole lot to paint a better picture given the dismal situation and secondly mortgages are at historical lows. There's certainly a percentage of people in Vancouver hoping to buy their first homes, and things like better now than they have in years, in terms of affordability.

Wall street is the biggest money laundring system in the world, if the cartels suffer the stock exchange suffers. As for housing, fuck all my realtor friends its gona pick up, nah its not that bad fuck its gona drop by half thats the bottom line, and it will take 4 to 5 years to stabilize. Fuck mortgages, if you dont have a fucking job to pay for it. The market might go up becasue of foreign investors as they c their own country not doing so well they look for better deals in better places like the chinese are doing right now but guess what it all has to come down, prices have to drop, we cant substain these current housing prices einstein.

 

[mclovin76]

go grab a copy of the new economist, maybe that will open up some eyes.

 

[FunSugarDaddy]

were expecting this to last 4 years,not 18 months. The us dollar is about to be hyperinflated, europes banks are fucked currencies are just crap, people still believe in the us dollar beause everything else sucks worse. Asia is expected to pull thru, and a new comer is to arise from all this, yes brazil. They have more gold then the world put together, they have a great ethanol program wich 80 percent of their cars can run on, made from sugar cane. The us keeps sending them billions in " aid " so they dont dump it all on the market crashing the bullion based economies. and little countries like chile with no foreign debt and stock piles of cash to last them thru the next 5 years, like nothing is going on. Guess it takes a woman president to save eough for a rainy day.

Wow, between this post and the Ben Bernake interview on 60 minutes last night I've got a great understanding of the situation, thanks.

 

[mclovin76]

nobody likes ot lose money specially 25 % or more just the way its gona b.

 

[wess]

Things seem to be getting marginally better. The stockmarket was up by 9% last week and as someone at CNN commented they would have been happy to get a 9% increase in the year, never mind the week. Today the market appears to be headed for another positive day, although things could easily change.

Realtor's I've spoken with have said the activity on the lower end of the market is picking up, and that's a first step in stablizing the real estate market here on the lower mainland.

So we may be heading in the right direction but it's too early to say with any degree of certainty.

Yeah, because of lower interest rates. That is what got us here in the first place. We need to have a good sized depression to reset things. Money is worth nothing right now when its in the bank. is that not kind of ironic ?