Job market to significantly weaken - expect no recovery for next 5 yrs
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Posted on: 28-04-09 10:05:48
Quote:
Originally posted by sville
Quote:
Originally posted by dan
In the area of IT, I guess Cdn exp is not important so 4-5 years exp in IT from anywhere should be ok. Or not ?
As such, in any area the country/culture/source of that experience does not matter a lot. Education and skills are always transportable.
But it matters when : "# of Resumes" > "Job Positions Available"
---
Disagree completely.
Your disagreement may be personal . Even in IT a person with North American experience will be given preference if other things are similar .
-----------------------------------------------------------------
Fido.
My uncle got his first job in operation in a chemical plant with a BA in some language.
Quote:
Originally posted by Fido
Your disagreement may be personal . Even in IT a person with North American experience will be given preference if other things are similar .
Exactly.
And even withing "North American experience", a company from xyz-country will demand experience-from-xyz-country.
This demand of asking additional experience comes only if you have easily available candidates. - which is very true in our times.
Quote:
Originally posted by sville
My uncle got his first job in operation in a chemical plant with a BA in some language.
Ooh .. before any kid raise hand ... that was somewhere between late 60's and early 70s
A diminished future for America is inevitable!
US annual deficit of nearly $1.5 trillion is 10% of GDP alone, a number never approached since the 1930s Depression. While policymakers, including the President and Treasury Secretary Geithner, assure voters and financial markets alike that such a path is unsustainable and that a return to fiscal conservatism is just around the recovery’s corner, it is hard to comprehend exactly how that more balanced rabbit can be pulled out of Washington’s hat. Private sector deleveraging, reregulation and reduced consumption all argue for a real growth rate in the U.S. that requires a government checkbook for years to come just to keep its head above the 1% required to stabilize unemployment. Five more years of those 10% of GDP deficits will quickly raise America’s debt to GDP level to over 100%, a level that the rating services – and more importantly the markets – recognize as a point of no return. At 100% debt to GDP, the interest on the debt might amount to 5% or 6% of annual output alone, and it quickly compounds as the interest upon interest becomes as heavy as those “sixteen tons” in Tennessee Ernie Ford’s famous song of a West Virginia coal miner. “You load sixteen tons and whattaya get? Another day older and deeper in debt.” Pretty soon you need 17, 18, 19 tons just to stay even and that describes the potential fate of the United States as the deficits string out into the Obama and other future Administrations. See why Japan in the 1990s and the U.S. in the 1930s suffered prolonged depressions because of deficit hawkishness.
Republicans noted that a report by the Obama transition team in early January said that without a large stimulus plan, unemployment would go above 9%. It is now above that level, despite passage of the stimulus plan. Now, Republicans launched a political offensive against President Barack Obama's handling of the economy after weeks of reticence, emboldened by Friday's report of a surging unemployment rate. With Friday's report that the unemployment rate had jumped to 9.4%, the highest monthly reading since September 1983, Rep. Dave Camp (R., Mich.), the senior Republican on the House Ways and Means Committee, declared the stimulus plan a failure. House Minority Leader John Boehner (R., Ohio) proclaimed, "Washington is hanging middle-class Americans out to dry."
Republicans have been hammering the president's economic policies for months, saying the White House has been spending hundreds of billions of taxpayer dollars with nothing to show for it.
In the end, one can only conclude that the U.S. is indeed likely to deficit spend for a considerable period and that this is going to have negative effects on its credit rating and relative standing in the global economy. A diminished future for America is an inevitability of having lived beyond its means for far too long. Accepting this fact is likely to provide a better outcome than resisting it as the U.K. did when its tenure as king of the hill came to an end.
Diminished future for America does not augur well for Canada.
Canada's manufacturing heartland continued to feel the full force of the economic downturn after suffering another month of massive job losses in May, pushing the national unemployment rate to an 11-year high.
"Unemployment will remain high for some time, likely peaking in mid-2010 ...
In Canada, particularly Ontario, which is feeling the recession's sting the most, 59,700 were lost in the month, almost all full time and in the manufacturing sector, particularly auto-related.
May's job losses pushed up the national unemployment rate to 8.4 per cent - the worst since 1998 - and Ontario's to 9.4 per cent, a 15-year high.
Workers will have to wait a little longer before they can feel better about their job prospects, however.
Jobs is a "lagging indicator," analysts point out, meaning that just as Canada was adding jobs early last year when the economy was noticeable slowing, the economy will likely in turn keep shedding jobs this year even as growth returns.
They say the economy isn't likely to start creating jobs consistently until next year.
May 5: Microsoft ( MSFT - news - people ) pink-slips a second 5,000 employees following its initial January layoff.
May 19: Hewlett-Packard ( HPQ - news - people ) announces 17% decline in quarterly profit and reduces workforce by 2% (6,400 workers).
May 18: American Express ( AXP - news - people ) reduces global workforce by 6% (4,000 jobs) adding to a 7,000-employee cut announced last October.
May 15: Following review of operations announced in February, Nike ( NKE - news - people ) cuts 1,750 jobs (5% of total workforce).
May 7: DuPont ( DD - news - people ) adds to December job cut of 2,500 with another 2,000-employee cut.
May 19: Medtronic ( MDT - news - people ) cuts executive pay by 5%, freezes salaries and slashes upwards of 1,800 jobs.
May 6: Wells Fargo ( WFC - news - people ) freezes pension plans and fires 548 in North Carolina.
June 2: Deere & Company ( DE - news - people ) lays off 689 in Iowa as part of ongoing reductions
May 30: Deere & Co ( DE - news - people ) lays off 89 in North Dakota and 16 in Louisiana as part of ongoing reductions.
May 29: Cintas ( CTAS - news - people ) projects worse than expected fourth-quarter results and lays off 650 workers.
May 22: Monsanto ( MON - news - people ) lays off 55 in Mississippi as part of manufacturing facilities consolidation.
May 21: UPS's ( UPS - news - people ) airlines arm cuts 80 mechanics on slump in shipping volume.
May 15: Fruit of the Loom--a Berkshire Hathaway ( BRK.A - news - people ) subsidiary--pink-slips 80 in Alabama.
May 12: Applied Materials ( AMAT - news - people ) posts quarterly loss and increases previously announced job cuts by 300.
May 11: Dell ( DELL - news - people ) slashes 260 jobs in North Carolina and blames the economy.
May 7: Cummins ( CMI - news - people ) idles Indiana plant that supplies Chrysler and lays off 610 workers.
The balance of world financial power is shifting and not in a good way for America.
And above all, if market goes up another 1,000 points on the Dow, everyone would head directly to the bomb shelter as there are stretches in this economy that are not sustainable.
Keep well,
Cheers!
Quote:
Originally posted by Krazzyfour
A diminished future for America is inevitable!
US annual deficit of nearly $1.5 trillion is 10% of GDP alone, a number never approached since the 1930s Depression. While policymakers, including the President and Treasury Secretary Geithner, assure voters and financial markets alike that such a path is unsustainable and that a return to fiscal conservatism is just around the recovery’s corner, it is hard to comprehend exactly how that more balanced rabbit can be pulled out of Washington’s hat. Private sector deleveraging, reregulation and reduced consumption all argue for a real growth rate in the U.S. that requires a government checkbook for years to come just to keep its head above the 1% required to stabilize unemployment. Five more years of those 10% of GDP deficits will quickly raise America’s debt to GDP level to over 100%, a level that the rating services – and more importantly the markets – recognize as a point of no return. At 100% debt to GDP, the interest on the debt might amount to 5% or 6% of annual output alone, and it quickly compounds as the interest upon interest becomes as heavy as those “sixteen tons” in Tennessee Ernie Ford’s famous song of a West Virginia coal miner. “You load sixteen tons and whattaya get? Another day older and deeper in debt.” Pretty soon you need 17, 18, 19 tons just to stay even and that describes the potential fate of the United States as the deficits string out into the Obama and other future Administrations. See why Japan in the 1990s and the U.S. in the 1930s suffered prolonged depressions because of deficit hawkishness.
Republicans noted that a report by the Obama transition team in early January said that without a large stimulus plan, unemployment would go above 9%. It is now above that level, despite passage of the stimulus plan. Now, Republicans launched a political offensive against President Barack Obama's handling of the economy after weeks of reticence, emboldened by Friday's report of a surging unemployment rate. With Friday's report that the unemployment rate had jumped to 9.4%, the highest monthly reading since September 1983, Rep. Dave Camp (R., Mich.), the senior Republican on the House Ways and Means Committee, declared the stimulus plan a failure. House Minority Leader John Boehner (R., Ohio) proclaimed, "Washington is hanging middle-class Americans out to dry."
Republicans have been hammering the president's economic policies for months, saying the White House has been spending hundreds of billions of taxpayer dollars with nothing to show for it.
In the end, one can only conclude that the U.S. is indeed likely to deficit spend for a considerable period and that this is going to have negative effects on its credit rating and relative standing in the global economy. A diminished future for America is an inevitability of having lived beyond its means for far too long. Accepting this fact is likely to provide a better outcome than resisting it as the U.K. did when its tenure as king of the hill came to an end.
Diminished future for America does not augur well for Canada.
Canada's manufacturing heartland continued to feel the full force of the economic downturn after suffering another month of massive job losses in May, pushing the national unemployment rate to an 11-year high.
"Unemployment will remain high for some time, likely peaking in mid-2010 ...
In Canada, particularly Ontario, which is feeling the recession's sting the most, 59,700 were lost in the month, almost all full time and in the manufacturing sector, particularly auto-related.
May's job losses pushed up the national unemployment rate to 8.4 per cent - the worst since 1998 - and Ontario's to 9.4 per cent, a 15-year high.
Workers will have to wait a little longer before they can feel better about their job prospects, however.
Jobs is a "lagging indicator," analysts point out, meaning that just as Canada was adding jobs early last year when the economy was noticeable slowing, the economy will likely in turn keep shedding jobs this year even as growth returns.
They say the economy isn't likely to start creating jobs consistently until next year.
May 5: Microsoft ( MSFT - news - people ) pink-slips a second 5,000 employees following its initial January layoff.
May 19: Hewlett-Packard ( HPQ - news - people ) announces 17% decline in quarterly profit and reduces workforce by 2% (6,400 workers).
May 18: American Express ( AXP - news - people ) reduces global workforce by 6% (4,000 jobs) adding to a 7,000-employee cut announced last October.
May 15: Following review of operations announced in February, Nike ( NKE - news - people ) cuts 1,750 jobs (5% of total workforce).
May 7: DuPont ( DD - news - people ) adds to December job cut of 2,500 with another 2,000-employee cut.
May 19: Medtronic ( MDT - news - people ) cuts executive pay by 5%, freezes salaries and slashes upwards of 1,800 jobs.
May 6: Wells Fargo ( WFC - news - people ) freezes pension plans and fires 548 in North Carolina.
June 2: Deere & Company ( DE - news - people ) lays off 689 in Iowa as part of ongoing reductions
May 30: Deere & Co ( DE - news - people ) lays off 89 in North Dakota and 16 in Louisiana as part of ongoing reductions.
May 29: Cintas ( CTAS - news - people ) projects worse than expected fourth-quarter results and lays off 650 workers.
May 22: Monsanto ( MON - news - people ) lays off 55 in Mississippi as part of manufacturing facilities consolidation.
May 21: UPS's ( UPS - news - people ) airlines arm cuts 80 mechanics on slump in shipping volume.
May 15: Fruit of the Loom--a Berkshire Hathaway ( BRK.A - news - people ) subsidiary--pink-slips 80 in Alabama.
May 12: Applied Materials ( AMAT - news - people ) posts quarterly loss and increases previously announced job cuts by 300.
May 11: Dell ( DELL - news - people ) slashes 260 jobs in North Carolina and blames the economy.
May 7: Cummins ( CMI - news - people ) idles Indiana plant that supplies Chrysler and lays off 610 workers.
The balance of world financial power is shifting and not in a good way for America.
And above all, if market goes up another 1,000 points on the Dow, everyone would head directly to the bomb shelter as there are stretches in this economy that are not sustainable.
Keep well,
Cheers!
I don't disagree with your post. However, the factors mentioned in your article mostly effects export oriented businesses(85% of these exports are to US). Otherwise, Canada has its own robust local economy. Maybe not as job friendly as US job market USED to be. BUt it will bounce back.
That being said, in the semi-long term, oil will play a key role in shifting balance of power to those countrries with good oil reserves. On per capita basis, oil output will be high in Canada.
On top of that, Canada is a resource rich country. In the long term, this will cushion Canada's economic blows. China, India etc will have to shell out money to meet their burgeoning demand for natural resources.
The trump card being fresh water. Here, Canada is well on its way becoming an economic super-power in the future.
Perhaps I am wrong. But shouldn't it be relative to other markets? US, India, ME Europe etc are not doing well either. There are layoffs everywhere, at least in the short term.
Maybe we should not expect spectacular salaries like they used to offer in Dubai or easy job market like it used to be in the US, but people will get by comfortably with less diruptions.
I can't see a balanced, resource based economy with solid technological base and first world human resources going down the dumps anytime soon. But we should be vary of politicians like Macguinty uncle, Harper uncle and especailly Bouchard and Leyton unclejis.
I am not a professional analyst but a cursory, commonsense observation of Canadian economy points to economic security in the long run.
The above long posts are just copy of news papers or stolen from web sites these are not the individuals views who post them and these posts do not reflect tru picture since the purpose of news papers and web sites is just to sell them selves, so they create new stories daily some time posting recovery of economy, some times no signs of recovery till next year. These may not be relevent when one gets a job since immigration, reverse immigration, transfers, mobility all are part to economic cycle. so do not be misled by these copy posts.
