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Found 18 results

  1. Le plus bas taux au Québec depuis 1976 et plus bas que le taux canadien Taux de chomage le plus bas depuis 1976 | TVA Nouvelles
  2. Mediocre job performance is better than the alternative JAY BRYAN, The Gazette Published: 7 hours ago Canada's job market is in mediocre shape, we discovered yesterday, and when you look at the alternative, this is wonderful news. For the past few weeks, many economic forecasters have been nervously asking themselves if Canada could resist the powerful recessionary undertow from a slumping U.S. economy or whether we'd fall into a downturn similar to the one that's under way south of the border. The final answer might not be available for a little longer, but yesterday's August job reports out of Ottawa and Washington make it clear that, for now, Canada is doing much better than the U.S. and is certainly nowhere near recession. In Canada, employment grew by a solid, if uninspiring, 15,200 jobs, returning to growth after two months of declines. That left the unemployment rate at 6.1 per cent, just above its record low of 5.8 per cent in February. So far this year, the Canadian economy has created 86,900 jobs. In the U.S, by contrast, August proved to be the eighth month in a row of shrinking employment, with 605,000 jobs lost (divide by 10 for a rough equivalence to Canadian numbers) since the beginning of this year. Unemployment south of the border jumped to a five-year high of 6.1 per cent - which sounds low to Canadians, but because of differences in measurement methods, is approximately equivalent to a Canadian unemployment rate of 7.1 per cent. Canada's modestly good job report reinforces the rationale for the Bank of Canada's decision to hold interest rates steady this week. The bank's targeted rate is already quite low at three per cent, and there's no clear need to pump emergency stimulus into the economy. Indeed, one of the the country's weakest sectors in recent years, manufacturing, has shown surprising resilience this year. As of August, factory employment was down by just 14,000, or 0.7 per cent, for this year. That's quite an accomplishment, given the plunge in car purchases by U.S. shoppers, who are the key market for Ontario's giant auto industry. In fact, Ontario has done quite well for a manufacturing province heavily dependent on U.S. customers. So far this year, it has created 51,900 jobs and its unemployment rate has actually edged down to 6.3 per cent from last December's 6.5 per cent, thanks to strong employment in construction and service industries. Ironically, Quebec, another big manufacturing province, hasn't done nearly as well, even though its big aerospace industry is much healthier than the auto industry, helping Quebec's factory sector create some jobs this year. Still, Quebec is one of the few provinces not to have enjoyed overall job growth so far in 2008. In fact, employment has shrunk by 25,200, while the unemployment rate has risen to 7.7 per cent from 7.0 per cent at the end of last year. Montreal's unemployment rate is up just 0.1 per cent so far this year, to 7.3 per cent in August, but this doesn't reflect any better performance than Quebec's on the employment front. The city actually lost 15,700 jobs in the first eight months of the year, but this was mostly offset by the 13,000 workers who abandoned the Montreal job market, making them disappear from the unemployment calculation. They might have found better opportunities elsewhere, gone back to school or simply stopped looking after a tough job search.On the provincial level, Quebec construction employment has been lukewarm and consumer-oriented service industries like retailiing have been shedding jobs, notes economist Sébastien Lavoie at Laurentian Bank Securities. As well, education employment has shrunk in Quebec as it grew in Ontario. Lavoie suggests that Quebec consumers may feeling worried enough to be cutting back on spending, while in Ontario's bigger, more diverse economy, there are still enough areas of growth to offset the auto industry's distress. Nevertheless, Ontario's ability to shrug off the U.S. economy's distress could be living on borrowed time, warns economist Douglas Porter at BMO Capital Markets. There are layoff announcements and factory closings that have yet to go into effect, he notes. And as for Ontario's boom in condo and office construction, "I have to wonder how long it can hang on."
  3. Source: Bloomberg Quebec’s unemployment rate fell to the lowest on record last month while Alberta’s surged to a two-decade high, underlining the the swing in Canada’s economic momentum through the recovery from an energy crash. Joblessness in the mostly French-speaking province fell to 6.2 percent in November from 6.8 percent in October, and in Alberta it climbed to 9 percent. The national jobless rate declined to 6.8 percent from 7 percent, Statistics Canada said Friday from Ottawa. “I’m stunned -- it’s a banner year” for Quebec, said Sebastien Lavoie, assistant chief economist at Laurentian Bank Securities in Montreal. He linked good times to a construction boom in his hometown, a low dollar boosting service industries and business confidence aided by provincial government budget surpluses. The movement of jobs from the western oil patch to central Canada’s service and factory hubs meshed with Bank of Canada Governor Stephen Poloz’s view that non-energy companies will help the world’s 10th largest economy recover over the next few years. Poloz said this week he would only cut his 0.5 percent benchmark interest rate if there was another shock like the oil crash. His next rate decision is Wednesday. “Quebec is within a whisker of posting the lowest unemployment rate in the country, something that we haven’t seen in the 40 years of available data,” said Doug Porter, chief economist at BMO Capital Markets in Toronto. The job report “strengthens the view that the Bank of Canada will be perfectly happy staying on the sidelines.” Quebec is tied more to manufacturers like Canam Group Inc. and Montreal-based software makers, who benefit from Canada’s weaker dollar and a growing U.S. economy. South of the border, payrolls increased by 178,000 jobs, the Labor Department said, bringing the unemployment rate down to a nine-year low of 4.6 percent. The province added 8,500 jobs in November and over the past 12 months the number of unemployed people has dropped by 17 percent. It wasn’t all good news: part of the reason the jobless rate fell was 20,300 dropped out of the labor force, the most since since December 2014. Lavoie at Laurentian Bank said it would be “extremely surprising” for Quebec to make further major gains in the job market over the next year. The figures have yet to reflect some announced cutbacks at Bombardier Inc. that haven’t happened yet, and the U.S. might be about to get tough on Quebec’s large softwood lumber industry. “There are also growing uncertainties linked to trade,” he said. “There will be duties on lumber, so that’s not going to help future job creation.” The mixed pattern also showed up in the national figures. Employment climbed by 10,700 in November as 27,600 left the labor force. Economists surveyed by Bloomberg News projected the jobless rate would be unchanged and employment would decline by 15,000.
  4. Foreclosures, immigration linked in report Areas hit hardest have high percentage of foreign-born heads of household By Timothy Pratt (contact) Wed, May 13, 2009 (2 a.m.) Las vegas Sun Counties with high foreclosure rates also tend to have large immigrant populations, according to a Pew Hispanic Center report released Tuesday. The study ranked Clark County sixth nationwide in foreclosure rates last year with 8.9 percent of the valley’s houses in the courts. Nearly 1 in 4 heads of household locally were foreign-born, much higher than the national rate of 4.7 percent. Half of those immigrants were Hispanic. But the study’s main author, Rakesh Kochhar, cautioned that focusing on those factors can lead to a “chicken and egg situation.” “The two things appear together, but is there a causal relationship? Not necessarily,” he said. Kochhar noted that jobs building houses drew many immigrants to the Las Vegas Valley in the past two decades. An unknown number of those workers bought homes. The report also shows that Hispanics, blacks and minorities in general entered subprime mortgages at higher rates than the rest of the population. Nationwide, for example, 27.6 percent of home loans to Hispanics in 2007 were high-priced and a third of loans to blacks were in the same category. Only 1 in 10 loans to whites were high-priced. So areas with higher shares of minorities tend to have higher numbers of homeowners with loans at risk of entering foreclosure. Kochhar’s report, titled “Through Boom and Bust: Minorities, Immigrants and Homeownership,” shows that counties with high foreclosure rates exhibit other factors, including rising unemployment rates and sinking home values. Clark County’s unemployment rate for March was 10.4 percent, tenth-highest among major metropolitan areas nationwide. The Pew report looks at unemployment rates only for 2008 as a whole, which in Clark County was 6.5 percent. The construction sector is among the hardest-hit in terms of job loss. And home values in Las Vegas dropped 31.7 percent in 2008, second most in the nation behind Phoenix, according to a recent Standard & Poor’s report. So there are several factors related to high concentrations of immigrants, each somehow related to another. As Kochhar wrote, “the presence of immigrants in a county may simply signal the effects of a boom-and-bust cycle that has raised foreclosure rates for all residents in that county.” Ian Hirsch, who manages Fortress Credit Services and has taken on hundreds of clients seeking to adjust their mortgages to avoid or get out of foreclosure, said the report’s conclusions match his on-the-ground experience. “It doesn’t surprise me,” Hirsch said. He pointed to the dozens of minority and immigrant clients he has seen who say, “This is not what I was told I was getting into” when they come to his office for help. The adjustable rates in their mortgages and the lack of financial assets they brought to the table lead many of those clients to foreclosure, he added. Some of those clients worked in the construction industry, building the homes that came with the boom. Now, Hirsch noted, with the construction of CityCenter and other large commercial projects nearing an end, unemployment may continue to rise in the coming months. This could bring more foreclosures and failed businesses. “Unfortunately,” Hirsch said, “I think it’s going to get worse before it gets better.”
  5. Canada sees surprising job gains in August Financial Post September 4, 2009 Canada posted a surprising gain in employment in August as the economy showed signs that it was pulling out of a recession. Canada posted a surprising gain in employment in August as the economy showed signs that it was pulling out of a recession. Photograph by: File, AFP/Getty Images OTTAWA — Canada posted a surprising gain in employment in August as the economy showed signs that it was beginning to pull out of a recession. Statistics Canada said Friday that 27,100 positions were added during the month, compared with 44,500 losses in July. The unemployment rate edged up to 8.7 per cent in August from 8.6 per cent the previous month. The gains were led by part-time and private-sector employment, the federal agency said. There were 30,600 part-time jobs added in August, while 3,500 full-time positions were lost. Hardest hit was the manufacturing sector, which shed another 17,300 in August. The biggest gains were in the retail and wholesale trade, up 21,200, and finance and real estate, up 17,500. Six provinces saw employment rise, with the biggest increases in Ontario, British Columbia and Quebec. Alberta lost the most jobs in August. "Since employment peaked in October 2008, total employment has fallen by 387,000 (down 2.3 per cent)," the agency said. "The trend in employment, however, has changed recently. Over the last five months, employment has fallen by 31,000, a much smaller decline than the 357,000 observed during the five months following October 2008." Most economists had expected the economy to lose jobs in August, with the consensus being about 15,000 fewer positions. They also expected the unemployment rate to rise to 8.8 per cent. "This report may not quite carry the good housekeeping seal of approval for the recovery, but it certainly is another big step in the right direction," said Douglas Porter, deputy chief economist at BMO Capital Markets. "While we can quibble about the details, the broader picture here is that the labour market is stabilizing, and apparently much faster than in the U.S." (The U.S. Labor Department said Friday that 216,000 jobs were lost in August, although that was less than analysts had expected.) Charmaine Buskas, senior economics strategist at TD Securities, said "the fact that the (Canadian) unemployment rate continues to rise has a bit of a mixed messages, as the initial interpretation is negative, but suggests that workers are slowly becoming more encouraged by better prospects in the job market." "Ultimately, this report, while positive, is not going to have much impact on the Bank of Canada. It has already committed to keep rates on hold, and one month of good employment numbers is unlikely to sway the decision." Avery Shenfeld, chief economist at CIBC World Markets, said: "Half a loaf, or in this case, half a job, is better than none, so an increase in Canadian employment driven by part-time work is still an encouraging signpost of an economic recovery now underway." The employment report follows some mixed signals of an economic recovery in Canada. On Thursday, the Organization for Economic Co-operation and Development said Canada's economy will contract two per cent in the third quarter of 2009 before edging up 0.4 per cent in the final three months of the year. That's in contrast to forecasts by the Bank of Canada, which expects the country's gross domestic product to grow 1.3 per cent in the third quarter of this year, followed by a three per cent gain in the final three months of 2009. The central bank also forecast the economy will contract 2.3 per cent overall this year and grow three per cent in 2010. Last week, Statistics Canada reported GDP increased 0.1 per cent in June, even as the second quarter declined overall by 3.4 per cent. The outlook by OECD, a Paris-based group of 30 industrialized nations, shows Canada's recovery lagging along with the U.K., which is expected to decline one per cent in the third quarter and be flat in the final quarter, and Italy, which is forecast to shrink 1.1 per cent and grow 0.4 per cent, respectively. August unemployment rates by province: Newfoundland and Labrador 15.6% Prince Edward Island 13.7% Nova Scotia 9.5% New Brunswick 9.3% Quebec 9.1% Ontario 9.4% Manitoba 5.7% Saskatchewan 5.0%. Alberta 7.4% British Columbia 7.8% Source: Statistics Canada © Copyright © Canwest News Service
  6. Job Losses Show Breadth of Recession Article Tools Sponsored By By DAVID LEONHARDT Published: March 3, 2009 It is both deep and broad. Every state in the country, with the exception of a band stretching from the Dakotas down to Texas, is now shedding jobs at a rapid pace. And even that band has recently begun to suffer, because of the sharp fall in both oil and crop prices. Unlike the last two recessions — earlier this decade and in the early 1990s — this one is causing much more job loss among the less educated than among college graduates. Those earlier recessions introduced the country to the concept of mass white-collar layoffs. The brunt of the layoffs in this recession is falling on construction workers, hotel workers, retail workers and others without a four-year degree. The Great Recession of 2008 (and beyond) is hurting men more than women. It is hurting homeowners and investors more than renters or retirees who rely on Social Security checks. It is hurting Latinos more than any other ethnic group. A year ago, a greater share of Latinos held jobs than whites. Today, the two have switched places. If the Great Recession, as some have called it, has a capital city, it is El Centro, Calif., due east of San Diego, in the desert of California’s Inland Valley. El Centro has the highest unemployment rate in the nation, a depressionlike 22.6 percent. It’s an agricultural area — because of water pumped in from the Colorado River, which allows lettuce, broccoli and the like to grow — and unemployment is in double digits even in good times. But El Centro has lately been hit by the brutal combination of a drought, a housing bust and a falling peso, which cuts into the buying power of Mexicans who cross the border to shop. Until recently, El Centro was one of those relatively cheap inland California areas where construction and home sales were booming. Today, it is pockmarked with “bank-owned” for sale signs. A wallboard factory in nearby Plaster City — its actual name — has laid off workers once kept busy by the housing boom. Even Wal-Mart has cut jobs, Sam Couchman, who runs the county’s work force development office, told me. You often hear that recessions exact the biggest price on the most vulnerable workers. And that’s true about this recession, at least for the moment. But it isn’t the whole story. Just look at Wall Street, where a generation-long bubble seems to lose a bit more air every day. In the long run, this Great Recession may end up afflicting the comfortable more than the afflicted. The main reason that recessions tend to increase inequality is that lower-income workers are concentrated in boom-and-bust industries. Agriculture is the classic example. In recent years, construction has become the most important one. By the start of this decade, the construction sector employed more men without a college education than the manufacturing sector did, Lawrence Katz, the Harvard labor economist, points out. (As recently as 1980, three times as many such men worked in manufacturing as construction.) The housing boom was like a giant jobs program for many workers who otherwise would have struggled to find decent paying work. The housing bust has forced many of them into precisely that struggle and helps explain the recession’s outsize toll on Latinos and men. In the summer of 2005, just as the real estate market was peaking, I spent a day visiting home construction sites in Frederick, Md., something of a Washington exurb, interviewing the workers. They were almost exclusively Latino. At the time, the national unemployment rate for Latino men was 3.6 percent. Today, when there aren’t many homes being built in Frederick or anywhere else, that unemployment rate is 11 percent. And this number understates the damage, since it excludes a considerable number of immigrants who have returned home. Frederick was typical of the boom in another way, too. It wasn’t nearly as affluent as some closer suburbs. Now the bust is widening that gap. If you look at the interactive map with this column, you will see the places that already had high unemployment before the recession have also had some of the largest increases. Some are victims of the housing bust, like inland California. Others are manufacturing centers, as in Michigan and North Carolina, whose long-term decline is accelerating. Rhode Island, home to both factories and Boston exurbs, has one of the highest jobless rates in the nation. All of these trends will serve to increase inequality. Yet I still think the Great Recession will eventually end up compressing the rungs on the nation’s economic ladder. Why? For the same three fundamental reasons that the Great Depression did. The first is the stock market crash. Clearly, it has hurt wealthy and upper middle-class families, who own the bulk of stock, more than others. In addition, thousands of high-paying Wall Street jobs — jobs that have helped the share of income flowing to the top 1 percent of earners soar in recent decades — will disappear. Hard as it may be to believe, the crash will also help a lot of young families. The stocks that they buy in coming years are likely to appreciate far more than they would have if the Dow were still above 14,000. The same is true of future house purchases for the one in three families still renting a home. The second reason is government policy. The Obama administration plans to raise taxes on the affluent, cut them for everyone else (so long as the government can afford it, that is) and take other steps to reduce inequality. Franklin D. Roosevelt did something similar and it had a huge effect. Of course, these two factors both boil down to redistribution. One group is benefiting at the expense of another. Yes, many of the people on the losing end of that shift have done quite well in recent years, far better than most Americans. Still, the shift isn’t making the economic pie any bigger. It is simply being divided differently. Which is why the third factor — education — is the most important of all. It can make the pie larger and divide it more evenly. That was the legacy of the great surge in school enrollment during the Great Depression. Teenagers who once would have dropped out to do factory work instead stayed in high school, notes Claudia Goldin, an economist who recently wrote a history of education with Mr. Katz. In the manufacturing-heavy mid-Atlantic states, the high school graduation rate was just above 20 percent in the late 1920s. By 1940, it was almost 60 percent. These graduates then became the skilled workers and teachers who helped build the great post-World War II American economy. Nothing would benefit tomorrow’s economy more than a similar surge. And there is some evidence that it’s starting to happen. In El Centro, enrollment at Imperial Valley Community College jumped 11 percent this semester. Ed Gould, the college president, said he expected applications to keep rising next year. Unfortunately, California — one of the states hit hardest by the Great Recession — is in the midst of a fiscal crisis. So Imperial Valley’s budget is being capped. Next year, Mr. Gould expects he will have to tell some students that they can’t take a full load of classes, just when they most need help. The Geography of a Recession http://www.nytimes.com/interactive/2009/03/03/us/20090303_LEONHARDT.html
  7. http://www.tableaudebordmontreal.ca/alire/alire02/default1.en.html Montréal: a gift to the regions Picher, Claude These days, as soon as you travel a few miles outside Montréal, it’s all the rage to complain bitterly about the “sins and failings” of the metropolis. Here, I’m using the expression that appeared yesterday on the front page of La Presse to introduce the extensive report by my colleague Caroline Touzin on the perception of Montréal in the regions. On this subject, it appears that the regions are ruthless: “Montréal and its inhabitants are guilty of arrogance, blindness, selfishness, and ignorance,” no less! Yet, the reality is this: the regions can howl as much as they want, they’re lucky to have Montréal – and its money. On average, Montrealers are richer than other Quebecers. Because of our progressive tax system, they also pay more taxes. From Gaspé to Rouyn-Noranda and from Baie-Comeau to Huntingdon, the tax dollars of Montrealers pay to build roads, schools, and hospitals; they help finance welfare and unemployment benefits, old age pensions, and other social assistance programs. Without those dollars, the regions could simply not afford to build and maintain infrastructures or provide the same services. By a conservative estimate, we can affirm that at least $4 billion taken from the pockets of Montrealers are redistributed in the regions. Notwithstanding the disputes between city and suburban dwellers, from an economic perspective, Montréal and its suburbs complement each other perfectly. Metropolitan Montréal – or the Island of Montréal and its immediate surroundings (Laval, the South shore from Châteauguay to Boucherville and the northern rim from Deux-Montagnes to Repentigny) – has 3.2 million inhabitants, or 42% of the Quebec population. In 2004, the latest year for which complete tax data is available, the Quebec Government collected a total of $19.6 billion in taxes on personal income. Greater Montréal alone accounted for 48% of this amount, or $9.4 billion. If Montrealers carried a tax burden equal to their demographic weight, therefore, they would pay $1.2 billion less in taxes. But, as we have just observed, they are wealthier, and it is thus only fair that they contribute more to tax revenues. These figures are based on statistics provided by Revenu Québec, which calculates the taxes paid by each administrative region, each municipalité régionale de comté (MRC), and each municipality with 20,000 residents or more. We are just talking about provincial taxes, here. The federal government does not publish such detailed statistics, but because of the similarity of the two tax systems, we can reasonably estimate that Montrealers also send Ottawa $1.2 billion more than called for by their demographic weight. So that brings us to $2.4 billion. The federal government’s three major program expenditures are for old age pensions, transfers to the provinces, and unemployment benefits. Because of the exodus of young people, most regions are aging more quickly than is Montréal. Unemployment hits the regions harder than it does Montréal. And, on a per capita basis, the provincial government’s expenditures are higher in the regions. Put all that together and you don’t need a Ph.D. in math to figure out where the $1.2 billion in federal money is spent. And that’s not all. So far, we’ve only been talking about personal income taxes. This year, Quebec companies will send almost $10 billion in taxes to Ottawa and Quebec City. Given the concentration of businesses in Greater Montréal, we can again make a conservative estimate that 55% of that amount will come from Montréal. Given the demographic weight of our region, that’s $1.3 billion too much. Which brings our total to $3.7 billion. Since, on average, Montrealers earn more than other Quebec residents, they also spend more and pay higher provincial and federal sales taxes. There are no regional statistics on this subject, but Montréal consumers easily send $500 million too much to the two levels of government – based, once again, on their demographic weight. Montréal therefore makes a net transfer of more than $4 billion to the regions, year after year. Of course, this is exactly how it should be. By definition, a rich region has a larger revenue-raising capacity than a poor one, and the system is specifically designed to ensure the redistribution of wealth. But still: before calling Montrealers a bunch of selfish pigs, the whiners in the regions might at least remember that Montréal is the real economic engine of Quebec and that, without the tax money of Montrealers, many of them would have a lot more to complain about.
  8. U.S. jobless rate climbs to 5.7% JEANNINE AVERSA The Associated Press August 1, 2008 at 12:19 PM EDT WASHINGTON — The U.S. unemployment rate climbed to a four-year high of 5.7 per cent in July as employers cut 51,000 jobs, dashing the hopes of an influx of young people looking for summer work. Payroll cuts weren't as deep as the 72,000 predicted by economists, however. And, job losses for both May and June were smaller than previously reported. July's reductions marked the seventh straight month where employers eliminated jobs. The economy has lost a total of 463,000 jobs so far this year. The latest snapshot, released by the Labour Department on Friday, showed a lack of credit has stunted employers' expansion plans and willingness to hire. Fallout from the housing slump and high energy prices also are weighing on employers. The increase in the unemployment rate to 5.7 per cent, from 5.5 per cent in June, in part came as many young people streamed into the labour market looking for summer jobs. This year, fewer of them were able to find work, the government said. The unemployment rate for teenagers jumped to 20.3 per cent, the highest since late 1992. The economy is the top concern of voters and will figure prominently in their choices for president and other elected officials come November. The faltering labour market is a source of anxiety not only for those looking for work but also for those worried about keeping their jobs during uncertain times. Job losses in July were the heaviest in industries hard hit by the housing, credit and financial debacles. Manufacturers cut 35,000 positions, construction companies got rid of 22,000 and retailers shed 17,000 jobs. Temporary help firms — also viewed as a barometer of demand for future hiring — eliminated 29,000 jobs. Those losses swamped job gains elsewhere, including in the government, education and health care. In May and June combined, the economy lost 98,000 jobs, according to revised figures. That wasn't as bad as the 124,000 reductions previously reported. GM, Chrysler LLC, Wachovia Corp., Cox Enterprises Inc. and Pfizer are among the companies that have announced job cuts in July. GM Friday reported the third-worst quarterly loss in its history in the second quarter as North American vehicle sales plummeted and the company faced expenses due to labour unrest and its massive restructuring plan. On July 15, GM announced a plan to raise $15-billion (U.S.) for its restructuring by laying off thousands of hourly and salaried workers, speeding the closure of truck and SUV plants, suspending its dividend and raising cash through borrowing and the sale of assets. GM also said it would reduce production by another 300,000 vehicles, and that could prompt another wave of blue-collar early retirement and buyout offers. Meanwhile, Bennigan's restaurants owned by privately held Metromedia Restaurant Group, are closing, driving more people to unemployment lines. All told, there were 8.8 million unemployed people in July, up from 7.1 million last year. The jobless rate last July stood at 4.7 per cent. More job cuts are expected in coming months. There's growing concern that many people will pull back on their spending later this year when the bracing effect of the tax rebates fades, dealing a dangerous blow to the fragile economy. These worries are fanning recession fears. Still, workers saw wage gains in July. Average hourly earnings rose to $18.06 in July, a 0.3 per cent increase from the previous month. That matched economists' expectations. Over the past year, wages have grown 3.4 per cent. Paycheques aren't stretching as far because of high food and energy prices. Other reports out Friday showed stresses as companies cope with a sluggish economy. Spending on construction projects around the country dropped 0.4 per cent in June as cutbacks in home building eclipsed gains in commercial construction, the Commerce Department reported. And, manufacturers' business was flat in July. The Institute for Supply Management's reading of activity from the country's producers of cars, airplanes, appliances and other manufactured goods hit 50, down from 50.2 in June. A reading above 50 signals growth. The news forced Wall Street to reassess its initial positive reaction to the jobs data. The Dow, which opened higher, slid about 80 points by midmorning. The Federal Reserve is expected to hold rates steady next week as it tries to grapple with duelling concerns — weak economic activity and inflation. In June, the Fed halted a nearly yearlong rate-cutting campaign to shore up the economy because lower rates would aggravate inflation. On the other hand, boosting rates too soon to fend off inflation could hurt the economy.
  9. 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
  10. C'est quoi vos opinions les gars? Honnêtement j'ai vécu ce scénario. Beaucoup de difficultés à trouver un emploi après mon bac. J'ai quitté pour l'Ontario pour prendre de l'expérience et revenu à Montréal après deux ans, mais je connais beaucoup de personnes éduqués qui ont resté à Ontario et c'est très dommage (avocats, ingénieurs, actuaires, etc). http://globalnews.ca/news/2608967/new-montreal-documentary-explores-anglo-youth-unemployment/ The film looks at the higher rate of unemployment for anglophone youth as opposed to francophone youth in Quebec’s largest city. According to career advisers, the lack of job opportunities for anglophones leads many to move to cities like Toronto. “Quite often, if English is an easier language for them, they leave Quebec,” said Iris Unger, YESMontreal’s executive director. “We’re losing a lot of really talented people.” According to the Association for Canadian studies, the unemployment rate is 8.4 per cent for anglophones and just 5.9 per cent for francophones. But for bilingual people, there’s still a discrepancy with a 5.8 per cent unemployment rate for anglophones versus a 3.4 per cent rate for francophones.
  11. (Courtesy of Huffington Post) Honestly some of the comments about the topic is beyond stupid. Some people don't want to move to Canada seeing we are seen as a "socialist" country
  12. Ontario in decline: From Canada's economic engine to clunker Can Dalton McGuinty see the light and reverse the decay with his forthcoming budget? By Paul Vieira, Financial Post March 23, 2009 A month before Dalton McGuinty, the Liberal Ontario Premier, hit the election trail in the fall of 2007 to seek a second mandate, an ominous warning sign of the province's crumbling economic stature emerged that should have provided fodder for the campaign. An analysis from leading Bay Street economist Dale Orr said Ontarians' standard of living had plummeted -- from a peak of 15% above the Canadian average in the mid-1980s to just more than 5%. Accompanying the analysis was a warning of further erosion by 2010. Alas, the eye-opening report hardly generated buzz during the election campaign. Instead, most of the talk was about a Conservative proposal to provide government funding for faith-based schooling. Ontarians didn't warm to the idea and re-elected Mr. McGuinty's Liberals with another majority. Reflecting today on that report, Mr. Orr said his nightmare scenario for Ontario has unfolded as envisaged. If anything, the situation in the province may be worse. As the McGuinty government prepares to table its sixth provincial budget on Thursday, it does so knowing the province that was once the country's economic engine is now the clunker of the confederation. While former have-nots such as Saskatchewan post surpluses this fiscal year, Ontario is bleeding red ink--a cumulative two-year deficit of $18-billion. Ontario's dramatic decline comes as no accident. It was decades in the making, based on a combination of mismanaged public finances and the ascent of emerging economies at the expense of high-cost manufacturing. Upon taking office in 2003, Mr. McGuinty moved to pour tens of billions of dollars into improving government services -- health care, education and social programs targeting the downtrodden -- while neglecting the changing economic landscape. To help finance this agenda, he raised corporate taxes and slapped a health-care levy on households. These moves, analysts say, helped cement Ontario as one of the least attractive places for companies to invest. Analysts wonder whether the economic crisis is finally going to force Mr. McGuinty and Dwight Duncan, his Minister of Finance, to make tough choices on spending and undertake the kind of tax reform -- as displayed this week by New Brunswick-- that will help the province attract investment to offset heavy job losses in Ontario. Derek Burleton, senior economist at Toronto-Dominion Bank, said Thursday's budget presents a possible turning point for the province. "There is no doubt we are undergoing a period of transformation as some of the industries that have driven healthy gains in living standards are on the decline," said Mr. Burleton, who co-authored a report with TD chief economist Don Drummond last fall that called on the province to embrace a "sweeping" new economic vision. "Given the sizeable deficit the province faces, that will put increasing pressure on the government to prioritize." One of those priorities is for Mr. McGuinty to cease his preferred manner of dealing with difficulties in the industrial heartland -- funneling tens of millions of dollars to the manufacturing sector, particularly automotive, through targeted tax relief or direct subsidies. "What the province should have been doing over the years was to make the province more flexible in attracting new businesses and not diverting resources into declining sectors," said Finn Poschmann, vice-president of research at the C. D. Howe Institute, a Toronto-based think-tank that has been critical of Ontario's tax breaks for struggling sectors such as autos and forest products. "Do you want to steer resources to the sectors where the outlook is positive and growing? Or do you want to divert resources from these stars, which are more likely to generate the long-term employment and wage growth that Ontario is accustomed to?" The manufacturing sector, and its high-paying jobs, used to be the province's crown jewel. But as a component of Ontario's GDP, it has dropped from a peak of 23% in 2000 to roughly 18% on factors such as a richer Canadian dollar, higher energy costs and offshore competition. It is expected to fall further once the dust settles from this crisis. The province was largely able to mask the decline in manufacturing through a combination of a booming housing market, a surge in public sector hiring and a robust financial services sector. The financial crisis, however, has exposed those flaws. For the period starting in 2003, only Quebec and Nova Scotia have produced weaker growth than Ontario. Forecasts suggest Ontario was the only province whose economy shrank last year, and economists say it will record either the worst, or second-worst performance, among provinces this year. Scotia Capital, for instance, has Ontario's economy contracting 2.9% in 2009, and posting meagre growth of 1.4% in 2010, below the expected national average. Of the roughly 295,000 jobs lost in Canada since October, nearly half have come from the province. The result? Unemployment in Ontario, at 8.7%, is now higher than it is the United States (8.1%) and above Quebec's 7.9% jobless rate-- the first time that has happened in three decades. The news is not expected to get any better any time soon. "We believe that the unemployment rate in Canada's largest province should hit 10% by 2010, even if the automobile sector's restructuring plan works," said Sebastian Lavoie, an economist at Laurentian Bank Securities. Further, Mr. Lavoie said wage growth in the province is destined to take a hit. In the past, companies were forced to offer comparable wages and benefits based on what the Canadian Auto Workers would negotiate with the Detroit car makers. But Mr. Lavoie said that will no longer be the case, with CAW accepting salary freezes and making concessions on perks such as cost-of-living-allowance. The financial crisis has just exacerbated a growing trend, said Mary Webb, senior economist at Scotia Capital. Ontario's receipts from foreign-bound exports last year represent an 11.7% drop from a peak of $185.1-billion recorded in 2000. For the same time period, Quebec's receipts fell by just 2.9%. For the rest of Canada, excluding Ontario and Quebec, receipts have surged a whopping 72%. Compounding Ontario's problem is the emergence of big deficit, fuelled in part by shrinking tax revenue and years of escalated program spending. Under Mr. McGuinty, program spending now stands at $23-billion per year more than when he took office in October, 2003, an increase of 36%. In fiscal year, 2007-08, program spending climbed more than 10% to $87.6-billion, compared with a 5.4% increase in tax revenue. Observers note Mr. McGuinty's ascent to power in 2003 can be attributed to a desire for change among Ontarians after years of the hard-nosed, right-leaning Conservative regime that earned scorned for cutting government services. Mr. McGuinty's two terms have been dominated by a push to restore spending on public goods such as education, health care, infrastructure and social services. Analysts say Mr. McGuinty was on the right track to bolster some key building blocks, such as post-secondary education. To help pay for this, Mr. McGuinty raised the corporate tax -- to 14% from 12% --in his first budget. "The balance of [McGuinty's] approach was not quite right," said Jack Mintz, public policy professor at the University of Calgary and renowned tax expert. "The problem was trying to [reinvest in public services] while at the same time trying to maintain a vibrant industrial sector." Mr. Mintz and other analysts say Ontario's tax regime, as currently structured, is suffocating the province's ability to attract investment and rebuild the economy. Last year, Jim Flaherty, the federal Finance Minister, suggested the tax system was making Ontario the "last place" businesses wanted to invest. Mr. Flaherty took lots of heat for that remark, but he was on to something. Mr. Mintz's research indicates the province's marginal effective tax rate on capital, which encompasses all levies slapped on investment in the province, stands at 35%, six points higher than the Canadian average, 29%. Further, the Ontario rate ranks as the ninth-highest in the world, tied with Japan. Despite moves to eliminate capital tax in 2010, and other business tax reductions from the federal government, Ontario's marginal rate is expected to drop only three points to 32% by 2012 -- still higher than all provinces and exceeding the national average. "Ontario will not be successful in retaining existing businesses and attracting new ones if its taxation system is not on sound competitive footing with other provinces and countries," said the TD report by Messrs. Burleton and Drummond. There are signs that Mr. McGuinty is acknowledging the need to change. Despite previous opposition, he said in January the province would take a "long, hard look" at harmonizing its provincial sales tax with the GST. As currently structured, Ontario's sales tax derives almost half of its revenue from taxing business inputs such as productivity-enhancingequipment. Harmonizing with the GST would shift the tax burden to households, but economists argue it would boost business investment and make Ontario more attractive. In a C. D. Howe research paper he released yesterday, Mr. Poschmann said putting an end to the "archaic" sales tax and harmonizing with the GST would move Ontario from a high-tax jurisdiction to a medium-tax jurisdiction by 2012, with the marginal rate on investment falling just over 10 percentage points. A signal toward sales tax harmonization could be contained in Thursday's budget, although observers are hedging their bets given the potential voter backlash. Any further moves on taxation, whether business or personal, may have to wait given the province's monster deficit and an unwillingness to give up further revenue to fund public service initiatives. "Ontario is going to be deeply challenged," Mr. Mintz said, "because it is going to be very hard for the government to do anything when you are so fiscally restrained-- unless it wants to make the deficit even bigger now." Glen Hodgson, senior vice-president and chief economist at the Conference Board of Canada, said the needed tax reductions would not see the light of day until Ontario decides what to do about health-care spending, which is growing at an annual clip of 8% to 10% and is the single biggest expense item in the budget. "This is a catalytic moment for the province," Mr. Hodgson said. "The light bulb has gone on, but it is not burning brightly yet. A lot of people would like to return to the Old World. But I think the Old World is gone -and that's the dilemma Ontario faces." --------- MANITOBA, N.B. SET EXAMPLE: As Ontario attempts to pull itself out of its economic quagmire, it can look to the provinces of Manitoba and New Brunswick for leadership. While the recession is expected to hit every province, Manitoba comes out near the top in most forecasts as one of the country's better performers in 2009. In its outlook, the Conference Board of Canada projects slight growth in the province of 1%, powered by infrastructure projects and tax cuts. Jack Mintz, public policy professor at the University of Calgary, said Manitoba was, along with Ontario, considered a high-tax jurisdiction for business investment. But the government has moved and Manitoba's marginal effective tax rate on investment dropped from 37% in 2007 to 33.8% last year. It is now scheduled to fall to 26.7% by 2012. "It is on the high side, but it will be closer to the national average" in 2012,Mr. Mintz said. "From the point of view of people who need to make investment decisions now, they know these changes are in place over the next several years. So Manitoba looks more appealing." Manitoba also benefits from having one of the most diversified economies in Canada. Roughly 30% of its economy is agriculture, which is more resilient to economic downturns. Further, Manitoba has a diversified manufacturing base with aerospace and buses playing key roles - and, unlike autos, demand for those products continues to be fairly solid. It also has abundant, cheap hydroelectricity. In contrast, questions abound over the reliability of Ontario's power grid, especially in light of the 2003 blackout that blanketed the province and much of the U.S. northeast. Meanwhile, analysts have applauded New Brunswick for taking aggressive steps on taxation this week in an effort to make the province more attractive for both investors and workers. The main change is the replacement of the existing four-bracket personal income tax structure to a simpler two-bracket structure by 2012. The lowest rate will be 9% for workers earning less than $37,893. Beyond that threshold, a flat tax of 12% will be applied. Perhaps more stunning, however, is that New Brunswick plans to lower its general corporate tax rate from 13% to 12%, effective this year, and all the way down to 8% by 2012 - the lowest in the country. "The New Brunswick government appears to be relatively more proactive compared to other jurisdictions, taking bolder steps to improve its economic and fiscal roadmap," said Carlos Leitao, chief economist at Laurentian Bank Securities, in his analysis of the province's budget. Source: Paul Vieira, Financial Post [email protected] ONE-TIME POWERHOUSE CAN'T KEEP UP WITH REST OF THE COUNTRY: Ont. Export Receipt Drop 11.7% Que. Export Receipt Drop 2.9% Receipt Rise Rest Of Canada 72% Ontario GDP Decline, 2009 2.9% RANKS OF WORKERS IN CANADA'S LARGEST PROVINCE TAKE IT ON THE CHIN: Ontario Unemployment 8.7% U.S. Unemployment 8.1% Quebec Unemployment 7.8% Ontario Unemployment, 2010 10% © Copyright © National Post
  13. Ottawa is preparing to crack down on employment-insurance recipients who are not seeking work in areas where employers are forced to bring in foreign workers to fill jobs. Immigration Minister Jason Kenney said Wednesday the government wants to reduce disincentives to work by creating a “greater connection” between the EI program and the temporary foreign worker program, which is under Mr. Kenney’s purview. “What we will be doing is making people aware there’s hiring going on and reminding them that they have an obligation to apply for available work and to take it if they’re going to qualify for EI,” Mr. Kenney told the National Post editorial board on Wednesday. He was touting immigration reforms that will try to streamline the entry of immigrants and foreign workers, favouring entrepreneurs, innovators and those with high quality professional credentials. The reforms would require unemployed Canadians to accept local jobs that are currently being filled by temporary foreign workers. “Nova Scotia province-wide has 10% unemployment, but the only way Christmas tree operators can function in the Annapolis Valley is to bring in Mexicans through this agricultural worker program,” he said, also pointing to the increased number of Russians working in Prince Edward Island fish processing plants and Romanians working at the Ganong chocolate factory in New Brunswick. “Even on the north shore of New Brunswick, which has the highest unemployment in the province, the MPs keep telling me the employers definitely need more temporary workers. What’s going on here?” Minister of Human Resources Diane Finley will soon address the issue in further detail, Mr. Kenney said. The coming changes were first revealed in last month’s federal budget, which proposed spending $387-million over two years to align EI benefit amounts with local labour market conditions. The government will consider more measures to ensure the Temporary Foreign Worker Program will continue to meet those labour needs by “better aligning” the program with labour demands, according to budget documents. At the same time, businesses will have to have made “all reasonable efforts” to recruit from the domestic labour force before they seek workers from abroad. When an employer looks to the government for a labour market opinion, which is one step in getting approval to hire foreign temporary workers, Mr. Kenney said the government will soon point out the number of people on EI in that employer’s region and ensure the people collecting EI are aware of that job opportunity. “If you don’t take available work, you don’t get EI,” he said. “That’s always been a legal principle of that program.” http://news.nationalpost.com/2012/04/18/conservatives-want-unemployed-to-fill-jobs-going-to-temporary-foreign-workers-jason-kenney/
  14. Le Canada gagne 35 900 emplois en avril Publié le 08 mai 2009 à 08h06 | Mis à jour à 08h09 Agence France-Presse Ottawa Le Canada a gagné 35 900 emplois en avril, de façon inattendue, essentiellement grâce aux travailleurs indépendants, tandis que le taux de chômage se maintenait à 8%, son niveau le plus élevé en sept ans, a annoncé vendredi l'institut de la statistique. Les analystes s'attendaient à une perte de quelque 50 000 emplois en avril après une saignée de 61 000 le mois précédent et à ce que le taux de chômage passe à 8,2%. Ce taux est resté inchangé à 8,0 % en avril par rapport à mars, car la hausse de l'emploi a coïncidé avec une croissance de la population active, note Statistique Canada. Malgré l'augmentation enregistrée en avril, 321 000 emplois ont été perdus au Canada depuis octobre 2008. En avril, le nombre de travailleurs indépendants a cru de 37 000, indique Statistique Canada dans un communiqué, précisant que 39 000 emplois à temps plein ont été créés, alors que 3600 emplois à temps partiel étaient perdus. Le secteur manufacturier, durement frappé par la crise, a gagné 6 700 postes en avril, mais il en a perdu 106 300 au cours des 12 derniers mois. La hausse de l'emploi en avril s'est manifestée pour l'essentiel dans les provinces du Québec (+22 000) et de Colombie-Britannique (+17 000). En avril le salaire horaire moyen avait progressé de 4,3% par rapport au même mois l'an dernier. __________________________________________________________________________________________ Canada adds 36,000 jobs HEATHER SCOFFIELD Globe and Mail Update May 8, 2009 at 8:13 AM EDT OTTAWA — The Canadian work force managed to grow slightly in April, adding 36,000 positions, mainly through self-employment, Statistics Canada said Friday. As a result, the unemployment rate was unchanged at 8 per cent last month, the highest in seven years. “This is a better-than-expected report that no one saw coming,” said economists at ScotiaCapital Inc. “Yes, there were distortions including the heavy influence of a gain in self-employment that we mistrust at this point in the cycle. But the losses elsewhere were much less significant than feared.” The unexpected gain in employment sent the dollar up by 0.93 cent (U.S.) against the U.S currency. Economists had been expecting the pace of job loss to let up a little bit in April after months of steep decline, forecasting the elimination of 50,000 positions compared to 61,000 in March. They had predicted an 8.3 per cent unemployment rate, up from 8 per cent in March. While economists expect self-employment to expand during a recession, as laid-off workers create opportunities of their own, the increase in April was substantial. About 37,000 new self-employed positions were added to the work force, accounting for well over half of the 61,800 increase in self-employment over the past year. Jobs among people employed by others, on the other hand, fell a statistically insignificant 1,100 positions. Stabilization was also evident in the sectors that have shed the most jobs during the recession – manufacturing and construction. Employment in both those categories was changed very little in April, with construction employment declining 7,500 jobs and manufacturing employment growing 6,700 positions. In the goods side of the economy overall, employment barely budged in April, but has declined by a sharp 6.3 per cent since last October. The services side of the economy, which has been less touched by the recession, added 35,100 positions in April, particularly in the information sector and in culture and recreation. Since October, when the labour market began to slide, employment economy-wide has fallen by 321,000 positions. That's a decline of 1.9 per cent, with the losses concentrated in constructing, manufacturing and natural resources. Full-time employment rose by 39,000 positions in April, while part-time was little changed. However, full-time employment is still down 2.5 per cent since October. By region, employment rose in both Quebec and British Columbia. Quebec gained 22,000 positions, but because more people joined the work force, its unemployment rate rose to 8.4 per cent, from 8.3 per cent in March. British Columbia added 17,000 jobs, and its unemployment rate stayed still at 7.4 per cent. Still, the gains don't come close to making up for losses in the previous months. Ontario, where job losses have been severe, managed to stabilize in April, shedding 3,000 positions. Its unemployment rate stayed stable at 8.7 per cent. Ontario's job losses account for half of the country's total decline since October. By demographic, the April employment gains went mainly to adult men, and to women over the age of 55. Economists were surprised by the job creation, even though some indicators have suggested lately that the Canadian economy was showing signs of life. They warned that the job creation probably wouldn't last, since the all-important auto and manufacturing sectors are poised to cut severely in coming months, and because mothballed natural resource projects aren't about to roar back to life. Economists are often skeptical of self-employment numbers because they suspect that respondents to Statistics Canada's survey of households would rather say they're working for themselves than admit to being unemployed. Plus, many self-employed people earn considerably less than employed people. “That said, we can't dismiss the headline because of dubious self-employment gains, as there were only 1,100 job losses beyond the self-employment component,” the Scotia economists said. The labour report was undeniably good news, agreed Douglas Porter, deputy chief economist at BMO Nesbitt Burns. “Now that's what I would call a green shoot,” he said. Still, he warned against getting too carried away. “While quite encouraging, it's important to recall that head fakes are always possible,” he said. During the darkest days of the recession of the early 1990s, for example, Canadian employment managed to rise in five separate months. “Still, this marks a huge improvement from the wicked job losses seen over the winter, and is yet another strong signal that the economy may be approaching bottom – certainly sooner than most forecasters believed possible just a few weeks ago.” Indeed, there are a growing number of signs that the free-fall that inflicted the Canadian economy at the end of last year and the beginning of this year began to let up in February and March. Auto and housing sales have picked up, the drop in exports slowed, manufacturing output stopped plunging and financial markets showed signs of recovery.
  15. 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)
  16. 10. Port Richey, Florida: $59,900 9. Holiday, Florida: $59,900 8. Youngstown, Ohio: $57,550 7. Dearborn Heights, Michigan: $55,000 6. Whiting, New Jersey: $52,450 5. Warren, Michigan: $49,900 4. Redford, Michigan: $40,000 3. Gary, Indiana: $39,900 2. Flint, Michigan: $31,950 1. Detroit, Michigan: $21,000 Cities Where Homes Cost Less Than a Car July 20, 2012 by 247wallst Source: Flickr - Marshall Astor For many Americans, homeownership is the epitome of living the American dream. Yet, in towns with high tumbling home prices and double-digit vacancy rates, median-priced homes now cost the equivalent of new American cars — except, as investments go, they’re slightly more risky. Read: Cities Where Homes Cost Less Than a Car Call it the dark side of the American dream – but if you can only afford to buy just one, which would you choose? In hard-hit cities, why own a home when you can rent one without the risk of foreclosure if your job falls through? Or, for about the same money, you can sport new wheels, facing only the risk of repossession — a lesser credit report complication than a foreclosure. While a car is unlikely to increase in value, its depreciation is both more manageable and predictable than a home. “Buying a home in most places is risky,” says Jed Kolko, chief economist and head of analytics at real estate site Trulia. These high risks in towns such as Detroit, Michigan or Youngstown, Ohio have helped depress housing prices. And until the labor market improves there’s no real chance of a strong recovery in housing. “Towns with a history of job losses probably won’t see big price gains, especially if they have high vacancy rates, because it means buyers have a lot of homes to choose from,” says Kolko. This quandary is especially meaningful to residents of Motor City, who have experienced deepening levels of housing hell in recent years. Much has been written about Detroit’s high misery index, and the challenges of thriving in a city with high unemployment, high crime rates, and city services under severe budgetary constraints. And yet, for those willing to take a long view of the city, Detroit also offers amazing bargains to residents dedicated to living in that community. Despite its problems, even in Detroit, it’s not unusual for multiple buyers to vie for an appealing home in a nice neighborhood. The city has one of the highest rental vacancy rates in America and boasts a four-month supply of homes on the market, according to a recent report in the Detroit Free Press. A buyer’s market is typically six or more months’ supply. Many residents of depressed cities in Michigan, Florida, Indiana and Ohio have been slammed by job losses and tumbling housing prices, too, and recovery is coming slowly if at all. Yet, on the positive side, these towns also offer a low cost of living by American standards that make for attractive buy-side opportunities for those willing to take a long view of homeownership. 24/7 Wall St. asked Trulia, a leading provider of real estate listings and market data, to identify and rank cities by the median prices of homes sold last year. Trulia limited the list to markets with an adequate supply of non-foreclosure, single-family homes, which ruled out markets that may have unusual spikes in median sales prices. To provide further context of how economic data can impact local housing market conditions we also gathered median-income data as well as Q1 2012 vacancy rates from the U.S. Census Bureau, unemployment numbers from the U.S. Bureau of Labor Statistics, and June 2012 foreclosure figures from RealtyTrac. With home prices at 30-year lows and mortgages available at record low rates, some residents in troubled cities will be tempted to take the plunge and buy a home. Yet, amid this fledgling recovery there’s still the allure of plunking down a small deposit and buying a car that can take you to a city that offers a healthier housing market and stronger long-term job prospects. These are the cities where homes cost less than a car. 10. Port Richey, Fla. >Median listing price: $59,900 >Comparably priced car: Cadillac CTS-V ($71,000) >Housing price change (year over year): -0.1% >Median household income: $31,016 >Unemployment rate: 8.6% Port Richey was clearly devastated by foreclosures, job losses and builders who overestimated demand for new homes. That’s evident in its whopping 24.7% vacant housing rate, which is more than twice the national average. Housing prices in the area have fallen 48% from their peak, according to Federal Housing Finance Agency (FHFA) data. Also Read: The Fastest Growing Cities in America 9. Holiday, Fla. >Median listing price: $59,900 >Comparably priced car: Tesla Model S ($69,900 with 85 kwh battery) >Housing price change (year over year): -0.1% >Median household income: $37,240 >Unemployment: 8.6% Holiday’s 22.2% vacant housing rate, nearly twice the national average, is a hole so big that it will take years for housing demand to match supply. The 8.6% unemployment rate, though unexceptional for America, may further stunt a local recovery. Like neighboring Port Richey, housing prices have also plummeted 48% from their peak, according to the FHFA. 8. Youngstown, Ohio >Median listing price: $57,550 >Comparably priced car: Chevy Suburban ($68,900) >Housing price change (year over year): n/a >Median household income: $25,002 >Unemployment: 7.4% Just as the age of a tree is revealed by rings in its trunk, the age of a town’s housing stock, coupled by new construction rates, speaks volumes about the sturdiness of a city. In the U.S., only 14.4% of homes were built before 1940; in Youngstown, it’s more than 40%. New home construction is at a standstill. Nearly 19% of homes stand vacant, which places further downward pressure on a local recovery. 7. Dearborn Heights, Mich. >Median listing price: $55,000 >Comparably priced car: Cadillac Escalade ($64,800) >Housing price change (year over year): 5.2% >Median household income: $48,905 >Unemployment: 9.9% The city of Dearborn Heights is home to many workers in the auto industry, so it is far from immune to housing and other economic issues plaguing many Michigan cities. Home prices in the city have fallen by a fairly drastic 55.2% since their peak, according to FHFA data. Yet Dearborn Heights would appear to have a little more upside than some of its neighboring cities if only because Ford is preserving it, and because the number of residents earning more than $100,000 annually remains in line with national averages, unlike any of the other cities on this list. 6. Whiting, N.J. >Median listing price: $52,450 >Comparably priced car: Chevy Corvette Grand Sport ($64,650) >Housing price change (year over year): n/a >Median household income: $37,397 >Unemployment: 11.9% Whiting, an unincorporated area in Ocean County, is home to many retirement communities. The aging of the Baby Boomer population may help lead Whiting out of its funk. Unemployment isn’t especially high. In fact, unlike many other towns on this list, the vacant housing unit rate of 7.8% is below the national average of 11.8%. 5. Warren, Mich. > Median listing price: $49,900 >Comparably priced car: Lincoln Navigator ($59,900) >Housing price change (year over year): 6.5% >Median household income: $46,247 >Unemployment: 9.9% Chief among several promising housing trends for Warren is a surprisingly low homeowner vacancy rate, which suggests that the town has seen fewer foreclosures than many other cities in Michigan. Still, sales prices have dropped 35% over the past five years in Warren, says Trulia, which suggests that quite a few homeowners are underwater and perhaps holding onto their properties until things turn around. Also Read: Countries Where People Work Least 4. Redford, Mich. > Median listing price: $40,000 >Comparably priced car: Ford F-450 ($55,000) >Housing price change (year over year): 5.2% >Median household income: $52,573 >Unemployment: 9.9% Redford is not a large city, but it suffers from problems such as 1-in-159 homes in foreclosure, the worst rate among cities on this list. It also has aging homes, most of which were built just after World War II and may be expensive to maintain. Like Warren, prices have dropped by 38.5% from their peak according to FHFA data. On the bright side, at $52,573 the average annual income in Redford is higher than in many of its neighboring cities on this list. 3. Gary, Ind. > Median listing price: $39,900 >Comparably priced car: Ford Expedition ($39,900) >Housing price change (year over year): – 7.5% >Median household income: $27,367 >Unemployment: 8.5% In Gary, as in most other troubled housing markets, employment or rather the lack of opportunities holds the key to its housing recovery. The current high unemployment rate is not a blip unfortunately — Gary has 3% fewer jobs than it did a decade ago, according to Trulia. Much of the local population lives at some of the nation’s lowest income levels as 46.5% earn under $25,000 annually according to Census economic data. Such data suggest that local businesses may have trouble leading the city of recession. 2. Flint, Mich. > Median listing price: $31,950 >Comparably priced car: Chrysler 300 ($31,950) >Housing price change (year over year): n/a >Median household income: $28,835 >Unemployment: 8.9% According to Trulia’s Kolko, both Flint and Detroit experienced significant housing-price declines, not because of overbuilding as in Florida but because of “long-term job decline coupled with declining populations.” Worse, Flint suffers from a significant amount of poverty with about 44% of the population earning under $25,000 a year according to Census economic data. Also Read: The Most Dangerous Cities in America 1. Detroit, Mich. >Median listing price: $21,000 >Comparably priced car: Chevy Malibu ($21,000) >Housing price change (year over year): 5.2% >Median household income: $29,447 >Unemployment: 9.9% Detroit’s leaders are committed to reducing spending and creating a more livable and prosperous city for families and businesses of all sizes. The local automotive economy is improving, especially as Chrysler stages a comeback from its near-death experience. Some may interpret a year-over-year housing price increase as a positive sign for Detroit’s future. But unkind economists might call it a dead-cat bounce. Unemployment is not merely high, population is decreasing, and in 2010, one-in-five homes were vacant. Long term, that’s a lot of downward pressure on housing prices. Rusty Weston http://247wallst.com/2012/07/20/cities-where-homes-cost-less-than-a-car/3/
  17. Until 2007, I was optimistic. -Montreal posted some amazing job creation numbers from the period 1998-2007 -real estate market was booming -We had Griffintown/another office building or 2 on the horizon/an unemployment rate headed below 7% -Another 5 years of polticial stability So where are we heading? -Major projects have either been cancelled, deferred or scaled down (all of them except for the Quebec govt concert hall) griffintown/2.22/chum/muhc/701 university/1215 square philips -Creeping unemployment rate and higher CAD vs USD. -Immigration and language laws ensure that we get 2nd or 3rd most qualified applicants (Toronto gets most talented) -Quebec and Montreal governments are broke and can't stimulate the local economy without increasing their massive levels of debt -Foreign airlines continue to leave Montreal since 2000 (Iberia/Austrian Airlines/EL AL/Egyptair/CSA Czech) - meanwhile during this time Toronto attracted Austrian Airlines/Emirates/Jet Airways/Air India/Turkish Airlines/Lan Chile/EVA Airways (and more to come) -Lowest % of university graduates despite lowest cost for prospective students -Highest income tax rates in all of North America -Poor involvment of Quebec business in community (where are Power Corp / Bombardier like Rogers are to Toronto)? -Declining rank on top financial center charts -Political instability -Exodus of head offices continues -26 on 26 metro areas for GDP/Capital adjusted for PPP in North America. Where are we going people? How do we turn this ship around?
  18. 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...