Canada's unemployment rate falls to 8.0 per cent..........
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Posted on: 08-10-10 16:14:36
Canada's labour market shed jobs for the second time in three months in September, but the country's unemployment rate still managed to surprise by edging down a tenth of a point to eight per cent.
The tiny slide in the jobless rate was no indication of strength in the labour market, however.
Statistics Canada said it simply meant fewer Canadians, particularly young people, were looking for work.
While the job loss was also small — a statistically insignificant 6,600 jobs — it appears to confirm the economy, which had once been churning out jobs at a rate of over 50,000 a month during the first half of the year, has ground to a halt.
more story......
http://ca.news.finance.yahoo.com/s/08102010/2/biz-finance-canada-s-unemployment-rate-falls-8-0-cent.html
September is considered as the busiest month in terms of job as B4 christmas companies are very busy. Jobloss in Sept is very unusual.
Unemployment rate itself is a deceit. It only calculates people who are on EI.
What about those who are not returned to job market after EI? What about so many housewives dont do a job? What about temps? What about parttimers? Many people do only parttime jobs. Practicality the unemployment rate could be very high.
chekram_04 is right - don't be fooled by this report.
This report is actually pretty bad.
Did you notice in the report that Ontario lost 23,000 jobs in Oct.
That's pretty dismal.
The US report was even worse, regardless of the stock market rally yesterday.
Don't be fooled by the unemployment numbers. There are still deep seated problems in both the economies, not to mention Europe.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Agree! The ground realities are different than these numbers.
Boy! Have I ever felt so much unstable in my entire life than now? May be it's time for Canada to devise more trade/business strategies with East Asian counties, China, India, Brazil, and Russia. Days of US dependence is over. If even this tiny aspect doesn't bode well with Canada then, as they say in hindi, "Inka to phir Bhagwan hi maalik hey (Only God can help them!)." But aha! God only helps those who help themselves. So, go figure. Even God is out of the picture here.
But, would we ever get a visionary Finance Minister (not this joker Flaherty) and the advisors? The only way to get out of this mess is the complete overhaul of Canadian economy.
My view from personal experience
Most of the manufacturing are not keen on investing in modification/expansion. They are holding on to their money right now. As a result, the manufacturing industries and the industries that directly/indirectly rely on manufacturing industries are experiencing some really bad times.
I was listening to radio, where one person said that more than exports to US comprises more than 70% of total Canadian exports. It is time to focus on other countries now while not discounting US. Also, high Canadian dollar is not helping too.
Also, if American consumer, twice bitten now shy, stops spending or relying on credit, it directly hurts us.
The power plant in Oakville has been scrapped due to opposition from residents. Wonder how many jobs has been lost due to this change in decision. I do not think equal money is being spend on research to develop alternative energy sources in Canada. Also, the company that got contract for this power plant may now sue Government of Ontario.
It is time to go back to basics and focus on manufacturing sector. Come up with a way to beat China/India. Commodity has to be created to create some value. I do not think economy can continuously sustain on service, education and health sector.
Quote:
Originally posted by meghal
My view from personal experience
Most of the manufacturing are not keen on investing in modification/expansion. They are holding on to their money right now. As a result, the manufacturing industries and the industries that directly/indirectly rely on manufacturing industries are experiencing some really bad times..
Agree with you. Unfortunately Industrialists donot want to deal with people in Canada. Instead they opted for outsourcing from China because of the costing. These resulted in the industries limited to warehousing, logistics and other service industries in Canada which donot generate enough employment.
OTOH, Government utilized immigrants to strengthen the economy due to following reasons.
-More people will generate more purchase power.
-More people will generate more tax revenue.
-More foreign currency will be brought in.
Ultimately, both(Industrialists and government) are working on contradicting interests. These resulted in misery for the common people. Especially new immigrants of last decade.
Well, for North America and Europe the party is over. However, lingering hangover is not and people have yet to wake up from the slumber. First real test would be Nov 2 election in USA. If Obama and his bleeding heart socialists lose, that would be the first sign that tide is turning.
There is a very nice book by Mark Steyn “America Alone”. It is worth investing 4 hours of time as it explains nicely the predicament facing the developed countries. Canada and for that matter Europe have extremely myopic and extremely selfish policies disguised as most liberal policies. The book by Steyn explains that in detail. However, I do not recommend “true socialists” to read the book as they are likely to faint by the time they are through half the book.
Canadians and Europeans have , in their quest for leisure and pleasure , have sacrificed the future generations by inviting immigrants and making them work very hard, exploiting them and ensuring their pensions and life is enjoyable. These selfish people do not care about the disaster that awaits their kids and grand kids. Natural human instinct of human being is to provide and protect the family. EUROPEANS, IN THEIR QUEST FOR PLEASURE, have replaced the family by the Socialist Government which is supposed to look after them in old age for luxury life style, medical care and other needs. Instead of providing for pensions from the savings, they devised a plan under which the current working population pays for medical care and pensions of current retirees. However, due to flawed assumptions and ever acquiescing Actuary, the fraud continued for many years. Now chicken have come to roost. The immigrants would also soon start retiring; say in next decade, and then the only way out would be cut the medicare and pension benefits. Such a move would hit ALL the future retirees including “whites”. However, past and current retirees do not care because by that time they would probably be dead. Thus extreme selfishness has resulted in the current mess. Immigrants are the sacrificial lambs. They work their adult life like Dogs with poor wages and when they retire, they would be asked to sacrifice their pensions. The book explains that the result of myopic vision and selfish attitude would have severe consequences for future generations as these b******s invited too many Islamists immigrants. In next three decades, these Islamists would assume power in Europe and probably in Canada. That would change the quality of life of the future generations. If some one wants to know life under Islam, one should visit Saudi or Pakistan.
However, the regret still remains that we immigrants are still victims.
