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Found 14 results

  1. Building permits fall for third month Canwest News ServiceFebruary 5, 2009 9:01 AM OTTAWA—The value of Canadian building permits fell in December for a third straight month as a slowdown in the economy continued to temper construction activity in both residential and non-residential sectors. Statistic Canada said Thursday that municipalities issued $4.6 billion worth of permits during the month, a decline of 3.9 per cent from November. Residential permits were down 3.2 per cent to $2.6 billion in December, marking the ninth monthly drop in 2008. “Increases in multi-family permits in Ontario were not enough to offset the declines in single-family permits in Ontario, Alberta and British Columbia,”the federal agency said. The value non-residential permits fell 4.9 per cent to $2 billion, the third straight monthly decline. This drop was mainly in institutional permits in Alberta and commercial permits in British Columbia, the agency said. Construction permits declined in five provinces and all three territories in December, it said.
  2. these photos were taken in december and january. 1 2 3 4 5 6 7 8 9 10 11 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50
  3. Canadian retail sales up in 2008: Report By Derek Abma, Canwest News ServiceJanuary 9, 2009 10:04 AM A report released Friday by Canada's largest processor of credit- and debit-card transactions indicates people were spending more money this past holiday season than the year before despite the downbeat economic environment. Moneris Solutions said its data for December sales indicates "resilience" in consumer spending last month and "dramatic growth" for certain categories, such as department stores and clothing retailers. Moneris said it processed two per cent more sales in all merchant categories in December compared with a year earlier. It said sales at department stores — which includes Wal-Mart and Zellers — were up nine per cent, and sales at apparel outlets were up six per cent. "Canadian consumers and retailers are owed a little bit of credit," said Brian Green, senior vice-president of Moneris Solutions. "Despite the inclement weather and despite all the noise about the economy, consumers went out and they bought more this year than they did last year, and retailers gave them a reason to do that." Green said retailers should be credited for their holiday sales performance because they responded to "a more difficult economy" by providing discounts, conducting successful promotions, and ensuring a positive experience for the people that came to their stores. He said in better economic times, the increase in holiday sales processed by Moneris has been as much as seven per cent. Richard Talbot, president of retail-analysis group Talbot Consultants, said he's not surprised by these numbers and never expected this past holiday season to be as bad as some expected. "I was not a great believer in the doom and gloom for Canada that we were led to believe in the media ahead of time because that wasn't the feedback I was getting from the retailers I deal with," he said. Talbot said the economic situation in Canada is not as dire as in the United States, though there could be more difficulties for domestic retailers in the coming year as the downturn for Canada's largest trading partner, the U.S., spills across the border. Moneris' figures for December showed sales for discount retailers, such as the various "dollar stores," were down 11 per cent from the year before. Moneris said it processed nine per cent less sales for wholesale outlets last month, a category that includes Costco. Green said it's possible the bargains being offered by department and specialty stores cut into some of the business for discount and wholesale outlets. Moneris said the average transaction value in December was three per cent less than a year before. Green said it was the first time Moneris, which has been doing these holiday-season comparisons for eight years, has seen a year-to-year decline in the average transaction amount. The company attributed this to a combination of discounting, lower gasoline prices and overall economic conditions. © Copyright © The Montreal Gazette
  4. Also I can't wait to get the movie soundtrack from Daft Punk BUT WHY DECEMBER?
  5. I hope Avenue, Tour des Canadiens and Icone go up. And then the rest can wait Softening market raises doubts over condo projects By Allison Lampert, THE GAZETTE January 9, 2013 8:11 PM 0 Story Photos ( 1 ) Softening market raises doubts over condo projects A number of properties are up for sale in Brossard, on Wednesday, Jan. 9, 2013. Photograph by: Dave Sidaway , The Gazette MONTREAL - There are condo projects like the Tour des Canadiens which will undoubtedly be built, with the only lingering question surrounding their final height. But a decline in new home construction in Greater Montreal last year is increasingly raising doubts over the viability of the record number of condo buildings announced for the region: this summer, the city’s Ville Marie borough identified projects with 3,000 units destined for downtown alone. “You talk to the different developers and they are all confident that their project will go forward,” said Carlos Leitao, chief economist at Laurentian Bank. “But I don’t think that all the projects will come to fruition. I would be extremely surprised to see presales advancing for every project so some of them will have to drop off.” In 2012, a more balanced resale market led new home construction to decline nine per cent in the Greater Montreal Area and analysts are expecting a further 12-per-cent drop in housing starts for the region in 2013, the Canada Mortgage and Housing Corp. said Wednesday. In December, the decline in housing starts, compared with the same month in 2011, was fuelled by a 65-per-cent drop in new home construction on Montreal Island. So even as the sold-out Tour des Canadiens near the Bell Centre is looking to add floors, the steep drop in new Montreal Island housing starts reflects the growing array of choices for buyers in the resale market. While Greater Montreal Real Estate Board data are not yet available for December, November resales tanked 19 per cent. Meanwhile, figures reported Tuesday by Royal LePage Real Estate Services showed condo inventory has shot up 30 per cent at the end of 2012, compared with a year earlier. Housing starts The numbers suggest Montreal’s current low interest rate-fuelled real estate boom peaked in 2011, even though demand still far exceeds historic norms. Compared with record-breaking 2011, new condo construction dropped six per cent to 11,880 units in 2012 — still the second highest year in Greater Montreal for condo building. To put that number in context, Greater Montreal developers were only building around 2,000 to 3,000 units a year before the last condo boom of the early 2000s that peaked with 10,000 units in 2004, explained CMHC analyst David L’Heureux. For the province of Quebec, new home construction dropped three per cent last year to 40,526 units above 2011, CMHC data show. Quebec and Nova Scotia were the only two provinces in Canada to report a decline in total housing starts for 2012. Nationally, housing starts declined for the fourth consecutive month in December, but remained well above sustainable levels, leading to further fears the economically important sector could be headed for a hard landing. The pace of housing starts slowed by a modest 1.7 per cent last month to 197,976 on an annual basis, the fourth drop in as many months. In a note, BMO economist Robert Kavcic said “2012 was a strong year for homebuilding in Canada, but it was distinctly a tale of two halves — we judge that 2013 will look more like the second half (cooling) than the first.” Read more: http://www.montrealgazette.com/business/Softening+market+raises+doubts+over+condo+projects/7797746/story.html#ixzz2HXfyW4rB
  6. Destination Spotlight - December 2012 Destination Spotlight Get to know our member destinations. Every month we profile a different destination who helps to make the GMIC community so unique. Destination: Montreal, Quebec, Canada http://www.gmicglobal.org/?page=DestSpotlight
  7. Air Canada instaure un service sans escale entre Montréal et Bruxelles MONTREAL, le 20 août /CNW Telbec/ - Air Canada a annoncé aujourd'hui l'instauration d'un service sans escale assuré toute l'année entre Montréal et Bruxelles, comprenant un vol direct à destination et au départ de Toronto. Sous réserve de l'approbation gouvernementale, les vols quotidiens seront assurés à compter du 12 juin 2010, à temps pour la haute saison estivale. 20090820 Air Canada to launch Montreal - Houston from Dec 09 Air Canada starting 30NOV09 launches Daily Montreal - Houston service with CRJ705. Schedule as follows: AC7997 YUL0900 - 1155IAH CRA D AC7998 IAH1225 - 1640YUL CRA D Montreal-Fort de France, Martinique - New Air Canada flights launched in July will continue year-round, departing every Sunday onboard 120-seat Airbus A319 aircraft. Montreal-Fort Myers, Florida - New Air Canada flights will depart Sundays beginning December 6 onboard 120-seat Airbus A319 aircraft. Montreal-Samana/El Catey, Dominican Republic - New Air Canada flights will depart Saturdays beginning December 19 onboard 120-seat Airbus A319 aircraft. Montreal-Puerto Vallarta, Mexico - New Air Canada flights will depart Fridays beginning December 25 onboard 120-seat Airbus A319 aircraft. Montreal-Tampa, Florida - Weekly flights doubled with flights departing Thursdays and Saturdays beginning November 7 onboard 120-seat Airbus A319 aircraft. Montreal-Punta Cana, Dominican Republic - Increase to four times weekly, departing Mondays, Fridays, Saturdays and Sundays onboard 140-seat Airbus A320 aircraft.
  8. Job picture may be worse than it looks Many losses were full-time positions. Weakness in U.S. saps Canada as unemployment rate rises to 6.6% By SHEILA MCGOVERN, The Gazette; Reuters contributed to this report January 10, 2009 Canada's unemployment rate shot up more than expected in December, but avoided the carnage witnessed in the U.S. where the jobless rate is now the highest in 16 years. Still, Canadian economists aren't heaving a sigh of relief. The country is definitely in recession, there's more bad news ahead and it would be naive to think Canada won't feel repercussions from the bloodbath to the south, said Carlos Leitao, chief economist at Laurentian Bank Securities. And that includes Quebec, he quickly added. "This week, we've seen articles here and there stating somehow Quebec was on some other planet, able to ride out this storm. Well, not. We are on the same planet as everyone else." And the dreadful situation in the U.S. will sap Canada's manufacturing sector, based in Quebec and Ontario, he said. Canada lost 34,400 jobs in December, driving the unemployment rate to 6.6 per cent from 6.3 per cent, fuelled by losses in construction. Canada Mortgage and Housing Corp. says housing starts slid 11.8 per cent in November, the third double-digit decrease in four months. Quebec saw its unemployment rate rise to 7.3 per cent from 7.1 per cent, because of losses in construction, trade and the tourism industry. And the figures are actually more troubling than they appear, Leitao said. There were major losses in full-time jobs, he said, which were partly offset by gains in part-time work. "That's not exactly a recipe for great prosperity. We have weak job creation and the quality is less than a year ago." And it isn't about to get better, said Krishen Rangasamy of CIBC World Markets. "With forthcoming plant closures and layoffs already announced, it's clear the worst is yet to come on the employment front, with the unemployment rate likely to creep up steadily toward eight per cent." However, economists said we can take some solace: for a rare moment, our unemployment rate is less than that of the U.S. Though the past two months have been tough here, employment in Canada at least grew between December 2007 and December 2008, albeit by a scant 0.6 per cent (an addition of 98,000 jobs, 100 of them in Quebec.) The U.S. has been losing all year and, in December, was hit with a massive drop of 524,000 jobs, driven by layoffs in all major sectors except government, education and health. That pushed its unemployment rate to 7.2 per cent from 6.8 per cent in November, higher than the seven per cent analysts were forecasting and a peak not seen since January 1993. Total job loses for 2008 reached 2.6 million, the largest decline since a 2.75-million drop in 1945. "The job situation is ugly and is going to get uglier. There's no reason to expect hiring anytime in the next three to six months. We are not going to see any hiring until the government steps in and acts. Talk doesn't work," said Richard Yamarone, chief economist at Argus Research in New York. The collapse of the U.S. housing market and the resulting financial crisis have triggered the worst financial environment since the Great Depression, and businesses and consumers have both retrenched. The darkening labour market picture underscored the sense of urgency President-elect Barack Obama and lawmakers feel about enacting a huge economic stimulus plan. "Clearly the situation is dire. It is deteriorating and it demands urgent and immediate action," Obama told a news conference yesterday. "This morning, we received a stark reminder about how urgently action is needed." [email protected] thegazette.canwest.com
  9. (Courtesy of Luxist) :eek: If I had $200 million. Not sure I would spend it on a condo maybe on a townhouse.
  10. Aeroports de Montreal Releases its Fiscal 2006 Results - Passenger traffic up by 5.0% - Revenues increase by 12.5% - EBITDA rises by 13.0% MONTREAL, QUEBEC--(CCNMatthews - March 7, 2007) - Aeroports de Montreal today announced its audited consolidated financial results for the fiscal year ended December 31, 2006. These results are accompanied by data on passenger traffic and aircraft movements at Montreal-Trudeau and Montreal-Mirabel international airports. Highlights EBITDA (excess of revenues over expenses before interest, income taxes, amortization and share in the net gain of investments at equity value) totalled $117.1 million for the year, an increase of $13.5 million, or 13.0%, over fiscal 2005. During fiscal 2006, the Corporation continued work on its various capital investment programs, mainly at Montreal-Trudeau. Work focused on modernization of the domestic jetty and expansion of the domestic arrivals hall, among other areas. In addition, excavation and foundation work progressed for the future transborder departures area and the hotel. The Corporation invested a total of $83.0 million during fiscal 2006, compared to $192.5 million in 2005. Investments in the airports are financed by cash flows from airport operations, including airport improvement fees ($46.7 million), and by long-term debt ($36.3 million). In early October, the International Centre for Settlement of Investment Disputes (ICSID) rendered its decision in the case of the illegal expropriation of Budapest-Ferihegy International Airport on January 1, 2002. The Hungarian government complied with the verdict and paid the agreed amount of $97.7 million Cdn ($83.8 million US). In accordance with existing agreements, Aeroports de Montreal's subsidiary is entitled to 55% of this amount, or $53.7 million Cdn ($46.1 million US). The related accounting gain is reflected in the share in the net gain of investments at equity value, which totals $36.6 million Cdn. Results Consolidated revenues were $285.2 million for fiscal 2006, an increase of $31.8 million, or 12.5%, over the previous year. Aeronautical and commercial revenues were the main contributors to this increase. Operating costs (excluding municipal taxes) were $105.7 million for the year, up $7.6 million or 7.7%, from 2005. This variance is partly due to the normal increase in operating costs following the June 2005 start-up of the new international jetty at Montreal-Trudeau. Municipal taxes were up by 9.6% for the year under review, rising to $34.1 million in fiscal 2006 from $31.1 million in 2005. This increase is attributable to Montreal-Trudeau's higher property valuation following the start-up of the new facilities that are part of the airport expansion program. ADM is the most taxed Canadian airport authority, paying up to four times more per passenger than the other major Canadian airports. Like many other companies, ADM considers EBITDA to be the best indicator for judging the Corporation's ability to meet its financial obligations. EBITDA was $117.1 million for the year under review, against $103.6 million for 2005, an increase of $13.5 million, or 13.0%. Amortization was $72.1 million in 2006, representing an increase of $7.0 million, or 10.8%, over the prior year. This increase is mainly due to the start-up of several new facilities at Montreal-Trudeau, including the international jetty (June 2005), the public international arrivals hall (December 2005) and the new multi-level parking lot (February 2006). Interest on long-term bonds totalled $68.9 million for the period under review, up $18.0 million, or 35.4%, over fiscal 2005. This variance is attributable to a decrease in the amount of capitalized interest on construction in progress, as well as the issuance of a new series of revenue bonds in September 2005. The Corporation reported an excess of revenues over expenses of $19.2 million for the fiscal year ended December 31, 2006, compared with a shortfall of $14.2 million for the prior year, an improvement of $33.4 million. This variance is mainly due to the increase in the share of earnings of Aeroports de Montreal's subsidiary (including the accounting gain resulting from the compensation awarded for the expropriation of Budapest-Ferihegy International Airport) and the higher EBITDA, all of which was offset by the increased financing expenses and amortization. Financial highlights: For the year ended December 31: ------------------------------------------------------------------- (in millions of dollars) 2006 2005 Variance (%) ------------------------------------------------------------------- Revenues 285.2 253.4 12.5 ------------------------------------------------------------------- Operating costs (excluding municipal taxes) 105.7 98.1 7.7 Municipal taxes 34.1 31.1 9.6 Rent paid to Transport Canada 21.8 20.8 4.8 Amortization 72.1 65.1 10.8 Interest on long-term bonds 68.9 50.9 35.4 ------------------------------------------------------------------- Total expenses 302.6 266.0 13.8 ------------------------------------------------------------------- Shortfall of revenues over expenses (before share of investments at equity value) (17.4) (12.6) 38.1 ------------------------------------------------------------------- ------------------------------------------------------------------- Share in the net gain (loss) of investments at equity value 36.6 (1.6) 2,387.5 ------------------------------------------------------------------- Excess (shortfall) of revenues over expenses 19.2 (14.2) 235.2 ------------------------------------------------------------------- ------------------------------------------------------------------- Cash flows from operating activities (before changes in non-cash working capital items) 46.7 49.4 (5.5) ------------------------------------------------------------------- EBITDA 117.1 103.6 13.0 ------------------------------------------------------------------- Passenger traffic Passenger traffic at Montreal-Trudeau increased by 5.0% in 2006, to a new record of 11.4 million passengers enplaned/deplaned. International traffic showed the greatest increase at 6.9%, compared with 4.7% and 3.2% for the domestic and transborder sectors respectively. Passenger traffic ---------------------------------------------------------------- ---------------------------------------------------------------- Aeroports de Montreal 2006 2005 Variance (%) ---------------------------------------------------------------- ---------------------------------------------------------------- January 903,352 895,265 0.9 February 870,153 854,276 1.9 March 997,014 930,222 7.2 ---------------------------------------------------------------- ---------------------------------------------------------------- 1st quarter 2,770,519 2,679,763 3.4 ---------------------------------------------------------------- ---------------------------------------------------------------- April 916,582 860,345 6.5 May 938,606 866,926 8.3 June 999,814 957,146 4.5 ---------------------------------------------------------------- ---------------------------------------------------------------- 2nd quarter 2,855,002 2,684,417 6.4 ---------------------------------------------------------------- ---------------------------------------------------------------- July 1,054,221 1,042,952 1.1 August 1,091,206 1,054,465 3.5 September 976,930 952,257 2.6 ---------------------------------------------------------------- ---------------------------------------------------------------- 3rd quarter 3,122,357 3,049,674 2.4 ---------------------------------------------------------------- ---------------------------------------------------------------- October 940,368 905,132 3.9 November 824,452 756,767 8.9 December 921,372 817,025 12.8 ---------------------------------------------------------------- ---------------------------------------------------------------- 4th quarter 2,686,192 2,478,924 8.4 ---------------------------------------------------------------- ---------------------------------------------------------------- Entire year 11,434,070 10,892,778 5.0 ---------------------------------------------------------------- ---------------------------------------------------------------- Source: Aeroports de Montreal, preliminary figures Aircraft movements There were a total of 235,393 aircraft movements at Aeroports de Montreal in fiscal 2006, representing a 1.5% increase over 2005. Aircraft movements at Montreal-Trudeau rose by 2.5%, to 213,468, while those at Montreal- Mirabel dropped by 7.3%, to 21,925. Aircraft movements ------------------------------------------------------------------- 2006 2005 Variance (%) ------------------------------------------------------------------- Montreal-Trudeau 213,468 208,342 2.5 ------------------------------------------------------------------- Montreal-Mirabel 21,925 23,640 (7.3) ------------------------------------------------------------------- Aeroports de Montreal 235,393 231,982 1.5 ------------------------------------------------------------------- Source: Aeroports de Montreal, preliminary figures
  11. Le marché de l'emploi moribond en décembre 9 janvier 2009 - 07h04 LaPresseAffaires.com Michel Munger Le secteur de la fabrication, qui a perdu 130 000 postes en 2007, a vécu une année 2008 beaucoup moins pénible. Seuls 32 000 emplois ont été retranchés La crise économique continue d'avoir des effets négatifs sur l'emploi au pays, avec un recul constaté de 34 000 postes pendant le mois de décembre. Selon les données que Statistique Canada a publiées à 7h, il s'agit d'un deuxième recul consécutif pour le marché du travail canadien. C'est bien pire que le recul de 20 000 emplois attendu par les économistes sondés par l'agence Bloomberg. Le piètre mois de décembre s'explique surtout par la déroute du travail à temps plein, où 71 000 postes se sont volatilisés. La majeure partie de ces pertes se trouve au Québec et en Alberta. Par contre, le travail à temps partiel a gagné 36 000 emplois dans l'ensemble du pays. En décembre, le taux de chômage a grimpé de 0,3 point à 6,6%, soit 0,8 point de plus que le creux historique du début de 2008. Les économistes prévoyaient 6,5%. Au Québec, le chômage a monté de 0,2 point à 7,3%. L'agence fédérale indique que le marché est en pleine décélération à plus long terme. Ainsi, la croissance de l'emploi de décembre 2007 à décembre 2008 est de 0,6% ou 98 000 postes. C'est un taux carrément maigrichon comparativement à celui de 2,2% enregistré il y a un an. Le secteur privé a connu une vraie débandade avec un recul de 59 000 emplois tandis que le secteur public embauchait, créant 21 000 postes. C'est surtout dans la construction que décembre a fait des dégâts: 44 000 emplois ont été perdus. Statistique Canada souligne que les mises en chantier ont atteint leur niveau le plus faible en sept ans, ce qui est loin d'aider la cause de ces travailleurs. En transport et entreposage, l'emploi a monté de 23 000, ce qui efface la baisse de novembre. Bilan d'une année de crise Si l'on fait le bilan de 2008, il faut noter que les services aux entreprises, ceux relatifs aux bâtiments et les autres services de soutien ont drôlement souffert. L'emploi a tombé de 5,9% dans ce domaine. L'information, la culture et les loisirs sont aussi touchés par la crise, le travail y ayant diminué de 4,2%. En agriculture, c'est un recul de 3,5% qui est comptabilisé. Par contre, la construction a connu une hausse annuelle de 4,7% tandis que les soins de santé ont monté de 3,7% et que les administrations publiques comptaient 3,5% plus d'employés. Le secteur de la fabrication, qui a perdu 130 000 postes en 2007, a vécu une année 2008 beaucoup moins pénible. Seuls 32 000 emplois ont été retranchés. La baisse en Ontario a été contrebalancée en partie par des hausses au Québec et en Alberta. La Saskatchewan a gagné le championnat de la création d'emplois en 2008, avec une croissance de 3,1%. Le Manitoba se trouve au deuxième rang avec une hausse de 1,7%. Au Québec, c'est la stabilité qui a prévalu. The national unemployment rate was 6.6 per cent in December. Here's what happened provincially (previous month in brackets): -Newfoundland 13.7 (13.7) -Prince Edward Island 11.8 (10.7) -Nova Scotia 8.2 (7.8) -New Brunswick 8.6 (8.7) -Quebec 7.3 (7.1) -Ontario 7.2 (7.1) -Manitoba 4.3 (4.2) -Saskatchewan 4.2 (3.7) -Alberta 4.1 (3.4) -British Columbia 5.3 (4.9) The national unemployment rate was 6.6 per cent in December. Statistics Canada also released seasonally adjusted, three-month moving average unemployment rates for major cities but cautions the figures may fluctuate widely because they are based on small statistical samples. (Previous month in brackets.) -St. John's, N.L. 7.2 (7.6) -Halifax 5.3 (5.2) -Saint John, N.B. 6.6 (6.1) -Saguenay, Que. 7.6 (7.3) -Quebec 4.0 (4.3) -Trois-Rivieres, Que. 6.5 (6.6) -Sherbrooke, Que. 6.7 (6.5) -Montreal 7.5 (7.5) -Gatineau, Que. 4.4 (4.7) -Ottawa 4.5 (4.7) -Kingston, Ont. 4.4 (4.7) -Toronto 7.2 (7.0) -Hamilton 6.9 (6.5) -Kitchener, Ont. 7.7 (6.5) -London, Ont. 7.2 (6.9) -Oshawa, Ont. 7.8 (7.8) -St. Catharines-Niagara, Ont. 8.8 (8.2) -Sudbury, Ont. 5.5 (5.7) -Thunder Bay, Ont. 6.6 (5.7) -Windsor, Ont. 10.1 (10.1) -Winnipeg 4.5 (4.6) -Regina 3.6 (3.6) -Saskatoon 4.0 (4.1) -Calgary 3.9 (3.7) -Edmonton 3.6 (3.6) -Abbotsford, B.C. 5.5 (5.2) -Vancouver 4.7 (4.4) -Victoria 3.6 (3.3) A quick look at December unemployment (previous month in brackets): Unemployment rate: 6.6 per cent (6.3) Number unemployed: 1,209,100 (1,162,000) Number working: 17,110,800 (17,145,200) Youth (15-24 years) unemployment: 12.9 (12.3) Men (25 plus) unemployment: 5.8 per cent (5.6) Women (25 plus) unemployment: 5.0 per cent (4.7)
  12. http://www.aircanada.com/en/news/150723.html The following routes being switched from mainline. Looks like we know where Rouge's A321s will be flying. Montreal to: Fort Lauderdale starting December 16, 2016 (mixed with mainline) Tampa starting January 15, 2016 West Palm Beach starting January 15, 2016 Nassau starting January 17, 2016
  13. Economy Shed 598,000 Jobs in January Article Tools Sponsored By By EDMUND L. ANDREWS Published: February 6, 2009 WASHINGTON — The United States lost almost 600,000 jobs last month and the unemployment rate rose to 7.6 percent, its highest level in more than 16 years, the Labor Department said Friday. It was the biggest monthly job loss since the economy tipped into a recession more than a year ago, and it was even worse than most forecasters had been predicting. In addition, the government revised the estimates for previous months to include another 400,000 job losses. For December, the government revised the job loss to 577,000 compared with an initial reading of 524,000. Over all, it said, the nation has lost 3.6 million jobs since it slipped into a recession in December 2007. “Businesses are panicked and fighting for survival and slashing their payrolls,” said Mark Zandi, chief economist at Moody’s Economy.com. “I think we’re trapped in a very adverse, self-reinforcing cycle. The downturn is intensifying, and likely to intensify further unless policy makers respond aggressively.” Despite the jobless number, Wall Street opened strongly with all three major exchanges up more than 1.5 percent. As in previous months, employers in January slashed their payrolls in almost every industry except health care Manufacturers eliminated 207,000 jobs, more than in any year since 1982. The construction industry eliminated 111,000 jobs. And retailers, who were wrapping up their worst holiday shopping season in years, eliminated 45,000 jobs. One modest exception to the bad news was in workers’ wages, which have thus far not reflected the dramatic plunge in employment. Hour earnings edged up to $18.46, up 5 cents, and average weekly earnings climbed $614.72, up $1.67. But over all, the new data reinforced the impression of an economy that has become increasingly trapped a vicious circle slumping consumer demand, falling business investment, rising unemployment and mounting losses in the banking system. Christina D. Romer, head of the President’s Council of Economic Advisers, said the report reinforced the need for Washington to acted quickly on a economic stimulus package. “If we fail to act,” Ms. Romer said, “we are likely to lose millions more jobs and the unemployment rate could reach double digits.” Although the United States officially slipped into a recession in December 2007, the decline was erratic and temporarily disguised by the impact of the emergency tax-rebate last spring. Since September, analysts say, economic activity suddenly plunged on almost every front. The monthly pace of job losses shot up to about 500,000 a month for the last three months of 2008, and the new report offered no hint that bottom is in sight. Last week, the number of Americans filing first-time jobless claims reached a 26-year high, with 626,000 filling out initial applications. “This is a horror show we’re watching,” said Lawrence Mishel, president of the Economic Policy Institute, a left-of-center economic research organization in Washington. “By every measure available-loss of employment and hours, rise of unemployment, shrinkage of the employment to population rate- this recession is steeper than any recession of the last forty years, including the harsh recession of the early 1980s.” Most forecasters had predicted that the economy would lose about 540,000 in January. Instead, the Labor Department estimated that 598,000 jobs disappeared. To be sure, monthly payroll numbers are subject to big revisions in the months that follow. But most other indicators of the job market had been trending worse as well. Major retailers, rocked by one of the worst holiday shopping seasons in memory, have been shutting stores and laying of armies of workers in recent weeks. On Thursday, the nation’s retailers reported that sales fell 1.6 percent in January, the fourth consecutive month of steep sales declines. And in sign that the country’s slowdown continues to reach beyond its borders, Canada, America’s largest trading partner, reported Friday that its unemployment rate jumped to 7.2 percent in January, from 6.7 percent in December. In Washington, Friday’s gloomy job report put more pressure on Congress to pass an economic stimulus bill. The House passed a bill last week that would provide more than $800 billion in spending and tax cuts. In the Senate, still bogged down by objections from Republicans, lawmakers were hoping to be able to muster enough votes to pass a measure on Friday “Today’s unemployment numbers are even worse than we thought,” said Representative Barney Frank, the Massachusetts Democrat who leads the House Financial Services Committee. “If anything can persuade Congressional Republicans to stop their hyper partisan sniping at the recovery package, these disastrous employment numbers should be it.” For comparison, the unemployment rate was 4.9 percent in January 2008. But some analysts contend that the current unemployment rate of 7.6 percent understates the labor market’s problems because the percentage of adults participating in the labor force has slumped in recent years, and those people are not listed as “unemployed.” Peter Morici, an economist at the University of Maryland, estimated that if the labor force participation rate today was as high as it was when President Bush took office, the unemployment rate would be 9.4 percent. Ian Shepherdson, chief North American economist for High Frequency Economics in Valhalla, N.Y., said the government had become the only source of energy left to break the cycle of slumping demand for goods and falling production. “The public sector needs to act,” Mr. Shepherdson wrote in a note to clients. “It needs to prevent an endless spiral of attempts to increase saving, leading to reduced spending, leading to reduced incomes, leading to further attempts to raise savings, and so on.” “We remain firmly of the view that the package now in Congress is the bare minimum required to slow the shrinkage of the economy over the next year.” Many economists expect that the economy will continue to contract until July at the very least, but at a slowing pace in the second quarter. That would make it the longest recession since the 1930s, outlasting the two record-holders, the mid-1970s and early 1980s downturns. Each of these recessions lasted 16 months. The current recession, which started in December 2007, would reach that milestone in April. The Federal Reserve continues to pump money into the financial system at a furious pace. Since September, the central bank has more than doubled its reserves, from $900 billion to more than $2 trillion, by literally creating new money. The Fed has used some of that money to help bail out financial institutions, from Citigroup and Bank of America to the American International Group. It has been pumping hundreds of billions of dollars into new lending programs, stepping in for banks and other financial institutions to buy up a widening array of corporate debt. Later this month, the Fed will begin a $200 billion program, in conjunction with the Treasury, to finance consumer debt ranging from car loans and credit card debt to student loans. But analysts say that the big problem is not a shortage of money, but a shortage of demand for products by businesses and consumers. As a result, banks are overloaded with excess reserves, made available by the Fed, which they are often simply parking at the Fed. _________________________________________________________________________ Les Américains payent le gros prix pour les banquiers de Walt Street, je n`ai pas de pitié pour eux, ils ont plongé le monde en crise, en ce sens, ils méritent grandement les conséquences...