Morning news after job data has been released.
Only 5000 new jobs created - that too temporary. 25K permament job lost!
News from REFCO
December 3, 2004. Growth was expected to rise 25K while the headline rate was
expected to remain unchanged at 7.1%. Full time jobs fell 25.3K while part time
rose 30K. More people entered the search for jobs and this boosted the headline
rate. The impact of the inventory accumulation that we have seen in the economy
over the past six months appears to have slowed the hiring process. The
participation rate rose 0.1% to 67.5%. Employment was flat in the three key
provinces (Ontario, Quebec and B.C.). Unemployment rose 6.7% in Ontario in the
month and 4.2% in Quebec but fell 7.6% in B.C. Nationally, unemployment rose
2.5% in the month. Hours worked was unchanged on the month. Factory employment fell 18K on the month bringing job losses to 52K since July. Accomodation and food services also lost jobs (13K) but then again, this sector has not been a boon for employment.
Money market futures have soared on the news. The dollar has weakened sharply.
The next Bank of Canada policy date is on Tuesday and this release will seal the
fate of the Bank"s tightening policies and put them to rest for awhile. The
market essentially has discounted no rate hikes for the next three months. -
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Chandresh
Advice is free – lessons I charge for!!
The cdn $ has risen not because cdn economy is doing well but because US is not doing well with investors because of a large fiscal and trade deficit and the bush administration is willing to discount their dollar to low levels to decrease the deficit and encourage exports ..
This results in cdn dollar being high as compared to US dollar
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