April 2012 Canadian Economic Fundamentals
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GDP growth edges upward through January
Manufacturing and utilities sectors were bright spots in an otherwise weak Canadian economy in January, Statistics Canada reported Friday.
The country's gross domestic product edged up a bare 0.1% in January, in line with economists' forecasts, after rising 0.5% in December - upwardly revised from 0.4%.
"While the headline was soft, the details were even softer as fairly broadly based weakness was masked by unexpected strength in utilities and manufacturing," wrote Scotia Capital economists Derek Holt and Dov Zigler in a commentary.
Read the full article here.
Manufacturing and utilities sectors were bright spots in an otherwise weak Canadian economy in January, Statistics Canada reported Friday.
The country's gross domestic product edged up a bare 0.1% in January, in line with economists' forecasts, after rising 0.5% in December - upwardly revised from 0.4%.
"While the headline was soft, the details were even softer as fairly broadly based weakness was masked by unexpected strength in utilities and manufacturing," wrote Scotia Capital economists Derek Holt and Dov Zigler in a commentary.
Read the full article here.
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Key to rate hikes is whether they come in like a lion or a lamb
If you've got greater mortgage debt than savings, today's low interest rates represent opportunity. They're a chance to accelerate your mortgage payments and allocate a higher-than-normal amount towards paying off principal.
At some point, however, inflation threats will crash that party and push rates higher. When that next leg up in rates finally begins, mortgage affordability will re-emerge as a hot button.
Affordability is intimately related to interest rates. A two-percentage-point rate increase, for example, would lower the maximum mortgage that most people could qualify for by roughly 18%. Barring falling prices, that could shut out thousands from getting approved for the home they want.
Read the full article here.
If you've got greater mortgage debt than savings, today's low interest rates represent opportunity. They're a chance to accelerate your mortgage payments and allocate a higher-than-normal amount towards paying off principal.
At some point, however, inflation threats will crash that party and push rates higher. When that next leg up in rates finally begins, mortgage affordability will re-emerge as a hot button.
Affordability is intimately related to interest rates. A two-percentage-point rate increase, for example, would lower the maximum mortgage that most people could qualify for by roughly 18%. Barring falling prices, that could shut out thousands from getting approved for the home they want.
Read the full article here.
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Kenney plans job bank for skilled imigrants
OTTAWA - The federal government plans to create a global job bank to bring in more skilled foreign workers, while using a new technique to end the "bizarre" situation where low-skilled temporary foreign workers are hired in Canadian communities with double-digit unemployment, Immigration Minister Jason Kenney said Friday.
The job bank idea, modelled after New Zealand's immigration system, is a major departure that will take legislation and at least two years to implement, according to Mr. Kenney.
Read the full article here.
OTTAWA - The federal government plans to create a global job bank to bring in more skilled foreign workers, while using a new technique to end the "bizarre" situation where low-skilled temporary foreign workers are hired in Canadian communities with double-digit unemployment, Immigration Minister Jason Kenney said Friday.
The job bank idea, modelled after New Zealand's immigration system, is a major departure that will take legislation and at least two years to implement, according to Mr. Kenney.
Read the full article here.
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Moody's gives thumbs up to Ottawa's fiscal health
Moody`s Investors Service is giving Ottawa a clean bill of fiscal health following last week`s budget, but it`s keeping a wary eye on Ontario.
`Canadian federal debt is low and the trend is favourable,` Moody`s vice-president Steven Hess pointed out in a report.
Read the full article here.
Moody`s Investors Service is giving Ottawa a clean bill of fiscal health following last week`s budget, but it`s keeping a wary eye on Ontario.
`Canadian federal debt is low and the trend is favourable,` Moody`s vice-president Steven Hess pointed out in a report.
Read the full article here.
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Euro zone unemployment spikes to record 10.8%
Unemployment in the 17 countries that use the euro hit its highest level since the currency was introduced back in 1999, official figures showed Monday, adding to fears that the region is in recession.
Eurostat, the European Union`s statistics office, said unemployment in the euro zone rose to 10.8 per cent in February from 10.7 per cent the previous month. The number of unemployed totalled 17.1 million, nearly 1.5 million higher than the same month a year ago. Of the 17 countries in the euro zone, seven had unemployment rates above 10 per cent.
Read the full article here.
Unemployment in the 17 countries that use the euro hit its highest level since the currency was introduced back in 1999, official figures showed Monday, adding to fears that the region is in recession.
Eurostat, the European Union`s statistics office, said unemployment in the euro zone rose to 10.8 per cent in February from 10.7 per cent the previous month. The number of unemployed totalled 17.1 million, nearly 1.5 million higher than the same month a year ago. Of the 17 countries in the euro zone, seven had unemployment rates above 10 per cent.
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Canada among the happiest countries in the world
Canada is the fifth-happiest country in the world, according to a global study on the social and economic well-being of nations.
It finds the world has, broadly speaking, become a `little happier` in the past three decades, as living standards have risen. (One exception is the United States, where life satisfaction has not improved).
Read the full article here.
Canada is the fifth-happiest country in the world, according to a global study on the social and economic well-being of nations.
It finds the world has, broadly speaking, become a `little happier` in the past three decades, as living standards have risen. (One exception is the United States, where life satisfaction has not improved).
Read the full article here.
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Canada in 2025: Lost decade, unsustainable prosperity, or the Northern Tiger
T
ORONTO, April 3, 2012 /CNW/ - What will Canada's economy and society look like in 2025? Will we stand out or will we fall behind? Those are the questions addressed in a joint study by the Human Resources Professionals Association (HRPA) and Deloitte's Human capital consulting practice. The report examines the key economic, social, technological, environmental and demographic trends shaping the Canadian workplace and develops three possible scenarios of what the Canadian economy and society could look like in 2025. The year 2025 could bring The Lost Decade, Unsustainable Prosperity or The Northern Tiger.
"Of the three scenarios, the most desirable - and the only one that is truly sustainable - is The Northern Tiger, says Bill Greenhalgh, CEO, Human Resources Professionals Association. "As The Northern Tiger, Canada enjoys a strong and robust economy where workplace flexibility is the norm and training and education providers are in synch with the needs of business.
Read the full article here.
T
ORONTO, April 3, 2012 /CNW/ - What will Canada's economy and society look like in 2025? Will we stand out or will we fall behind? Those are the questions addressed in a joint study by the Human Resources Professionals Association (HRPA) and Deloitte's Human capital consulting practice. The report examines the key economic, social, technological, environmental and demographic trends shaping the Canadian workplace and develops three possible scenarios of what the Canadian economy and society could look like in 2025. The year 2025 could bring The Lost Decade, Unsustainable Prosperity or The Northern Tiger.
"Of the three scenarios, the most desirable - and the only one that is truly sustainable - is The Northern Tiger, says Bill Greenhalgh, CEO, Human Resources Professionals Association. "As The Northern Tiger, Canada enjoys a strong and robust economy where workplace flexibility is the norm and training and education providers are in synch with the needs of business.
Read the full article here.
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A 'help wanted' ad for the world
How can Canada ensure that the new immigrants it accepts will be self-motivated individuals who are attractive to Canadian employers? The latest idea from Immigration Minister Jason Kenney, who on Friday elaborated on the federal government's plans to create a huge global job bank to which would-be Canadians can apply while they are still living overseas, is a fairly good start.
In a nutshell, the government would gather applications from prospective Canadians wanting to enter the country under the skilled foreign worker program. It would put these applications into a pool and open that pool up to the provinces and Canadian employers for online perusal. If an employer was pleased with what he saw and made a job offer to one of the applicants, or if a province expressed interest, the federal government would fast track that person's application.
Read the full article here.
How can Canada ensure that the new immigrants it accepts will be self-motivated individuals who are attractive to Canadian employers? The latest idea from Immigration Minister Jason Kenney, who on Friday elaborated on the federal government's plans to create a huge global job bank to which would-be Canadians can apply while they are still living overseas, is a fairly good start.
In a nutshell, the government would gather applications from prospective Canadians wanting to enter the country under the skilled foreign worker program. It would put these applications into a pool and open that pool up to the provinces and Canadian employers for online perusal. If an employer was pleased with what he saw and made a job offer to one of the applicants, or if a province expressed interest, the federal government would fast track that person's application.
Read the full article here.
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Flaherty's budget reflects Canada's enviable financial status
Jim Flaherty delivered his seventh budget last week, but his first as finance minister in a majority government. It made all the difference in preparing it, he was saying Monday afternoon, that he didn`t have to worry about the government falling on it.
Flaherty is now the ranking finance minister among G7 countries, and it further enhances his standing in that exclusive club that Canada has such a good story to tell, a narrative he repeated in his budget speech.
`Canada is one of only two G7 countries to have recouped all the jobs lost in the global recession,` Flaherty told the House. `Since July 2009 our economy has created more than 610,000 new jobs. The World Economic Forum says our banks are the soundest in the world. Forbes magazine ranks Canada as the best place in the world for businesses to grow and create jobs. Our net debt-to-(gross domestic product) ratio remains the lowest in the G7, by far.`
Read the full article here.
Jim Flaherty delivered his seventh budget last week, but his first as finance minister in a majority government. It made all the difference in preparing it, he was saying Monday afternoon, that he didn`t have to worry about the government falling on it.
Flaherty is now the ranking finance minister among G7 countries, and it further enhances his standing in that exclusive club that Canada has such a good story to tell, a narrative he repeated in his budget speech.
`Canada is one of only two G7 countries to have recouped all the jobs lost in the global recession,` Flaherty told the House. `Since July 2009 our economy has created more than 610,000 new jobs. The World Economic Forum says our banks are the soundest in the world. Forbes magazine ranks Canada as the best place in the world for businesses to grow and create jobs. Our net debt-to-(gross domestic product) ratio remains the lowest in the G7, by far.`
Read the full article here.
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Aging population may boost wages, cut interest rates: Bank of Canada
TORONTO ` The aging of Canada`s population will put upward pressure on wages as the pool of available workers shrinks, and global aging might over time lead to lower interest rates, Bank of Canada Deputy Governor Jean Boivin said on Wednesday.
Aging will also affect the potential of the economy, meaning the level of activity at which it can operate without inflationary pressures, and this is something the Bank of Canada needs to assess, he said.
Read the full article here.
TORONTO ` The aging of Canada`s population will put upward pressure on wages as the pool of available workers shrinks, and global aging might over time lead to lower interest rates, Bank of Canada Deputy Governor Jean Boivin said on Wednesday.
Aging will also affect the potential of the economy, meaning the level of activity at which it can operate without inflationary pressures, and this is something the Bank of Canada needs to assess, he said.
Read the full article here.
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Flaherty expects cool condo market
Federal Finance Minister Jim Flaherty is predicting changes at Canadian banks will soon slow down Vancouver's condominium market, pointing to cooling off already seen in Toronto.
Flaherty, who was in Vancouver on Wednesday to talk about his latest budget, told reporters banks tightening lending rules for home buyers.
"I think that's wise," he said. "We've warned for some time about the danger of an overheating housing market, were it to become overheated. It's better that the market fix it than government has to fix it. I've tightened up the mortgage-insurance market three times in the last six years, really, I don't want to do it again."
Read the full article here.
Federal Finance Minister Jim Flaherty is predicting changes at Canadian banks will soon slow down Vancouver's condominium market, pointing to cooling off already seen in Toronto.
Flaherty, who was in Vancouver on Wednesday to talk about his latest budget, told reporters banks tightening lending rules for home buyers.
"I think that's wise," he said. "We've warned for some time about the danger of an overheating housing market, were it to become overheated. It's better that the market fix it than government has to fix it. I've tightened up the mortgage-insurance market three times in the last six years, really, I don't want to do it again."
Read the full article here.
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Canada steps up housing market oversight
Canadian authorities are stepping up oversight of the nation`s housing market even as lenders such as Bank of Nova Scotia warn that tougher rules could threaten the economic recovery.
The country`s banking regulator, the Office of the Superintendent of Financial Institutions, said Tuesdsay it will boost supervision of private mortgage insurers while examining `emerging` risks to the financial system in several areas, including residential mortgages.
Read the full article here.
Canadian authorities are stepping up oversight of the nation`s housing market even as lenders such as Bank of Nova Scotia warn that tougher rules could threaten the economic recovery.
The country`s banking regulator, the Office of the Superintendent of Financial Institutions, said Tuesdsay it will boost supervision of private mortgage insurers while examining `emerging` risks to the financial system in several areas, including residential mortgages.
Read the full article here.
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Canadian job market roars back during warm-weather March
Canada`s job market made eye-popping gains in March, Statistics Canada said Friday, reversing months of stagnant or even falling employment.
The economy created 82,300 net new jobs last month, most of them full-time and most in the hardest hit provinces, Ontario and Quebec.
The gain, which was eight times economists` expectations, drove down the national unemployment rate by two notches to 7.2 per cent, its post-recession low.
Read the full article here.
Canada`s job market made eye-popping gains in March, Statistics Canada said Friday, reversing months of stagnant or even falling employment.
The economy created 82,300 net new jobs last month, most of them full-time and most in the hardest hit provinces, Ontario and Quebec.
The gain, which was eight times economists` expectations, drove down the national unemployment rate by two notches to 7.2 per cent, its post-recession low.
Read the full article here.
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Canada's labour market pulls out of its slump
Canada`s labour market has finally perked up after half a year in the doldrums as a commodities boom and a firmer U.S. economy give employers the confidence to hire.
The economy churned out 82,300 jobs last month, the most since 2008, with many of the positions created in full-time work. The hiring spree sent the country`s jobless rate down two notches to 7.2 per cent in March, matching the lowest rate seen in the recovery.
Read the full article here.
Canada`s labour market has finally perked up after half a year in the doldrums as a commodities boom and a firmer U.S. economy give employers the confidence to hire.
The economy churned out 82,300 jobs last month, the most since 2008, with many of the positions created in full-time work. The hiring spree sent the country`s jobless rate down two notches to 7.2 per cent in March, matching the lowest rate seen in the recovery.
Read the full article here.
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Building permits rebound in February
Canada`s construction industry ramped up its building intentions in February after a slow start to the year, with the value of building permits jumping 7.5 per cent entirely on plans for non-residential projects, Statistics Canada said on Thursday.
The increase followed a 11.4 per cent drop in January and was more than double the consensus forecast of a 3 per cent increase.
Read the full article here.
Canada`s construction industry ramped up its building intentions in February after a slow start to the year, with the value of building permits jumping 7.5 per cent entirely on plans for non-residential projects, Statistics Canada said on Thursday.
The increase followed a 11.4 per cent drop in January and was more than double the consensus forecast of a 3 per cent increase.
Read the full article here.
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Carney ready to step in if household debt levels get out of hand
Mark Carney has a dilemma: He views record high household debt the number one domestic risk to the economy, but believes he would hurt the recovery if he raised interest rates to slow borrowing.
But the Bank of Canada governor said in an interview with The Canadian Press that he would be prepared to intervene if things got out of hand.
Read the full article here.
Mark Carney has a dilemma: He views record high household debt the number one domestic risk to the economy, but believes he would hurt the recovery if he raised interest rates to slow borrowing.
But the Bank of Canada governor said in an interview with The Canadian Press that he would be prepared to intervene if things got out of hand.
Read the full article here.
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Immigrants contribute to Canada's economy
Re: 'Job bank' will recruit foreign workers, March 31
S.U.C.C.E.S.S. and the Asia Pacific Foundation have been advocating that immigrants are a "hidden advantage" to the economy of Canada.
For the first time in over 10 years, we finally heard the message in a federal budget speech that integrates the subject of immigration with the future economic agenda of the country. I welcome this recognition by the federal government albeit it is a belated awakening.
Read the full article here.
Re: 'Job bank' will recruit foreign workers, March 31
S.U.C.C.E.S.S. and the Asia Pacific Foundation have been advocating that immigrants are a "hidden advantage" to the economy of Canada.
For the first time in over 10 years, we finally heard the message in a federal budget speech that integrates the subject of immigration with the future economic agenda of the country. I welcome this recognition by the federal government albeit it is a belated awakening.
Read the full article here.
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Economy has best job-create since the recession, adds 82,300 workers
OTTAWA - After months of stagnant or even falling employment, Canada's economy has just had its biggest surge since before the last recession ` adding 82,300 workers to the labour force in March.
That's six times more than the previous seven months combined and was the biggest monthly jump since September 2008, just before the Canadian economy was hit with fallout from a U.S. credit crisis that sparked a global recession.
March's gain, almost all in full-time work, dropped the unemployment rate two-tenths of a point to 7.2 per cent.
Read the full article here.
OTTAWA - After months of stagnant or even falling employment, Canada's economy has just had its biggest surge since before the last recession ` adding 82,300 workers to the labour force in March.
That's six times more than the previous seven months combined and was the biggest monthly jump since September 2008, just before the Canadian economy was hit with fallout from a U.S. credit crisis that sparked a global recession.
March's gain, almost all in full-time work, dropped the unemployment rate two-tenths of a point to 7.2 per cent.
Read the full article here.
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Bank of Canada could crack down on household debt: Carney
TORONTO - The Bank of Canada could act, as a last resort, if excessive debt levels threaten the domestic economy, Governor Mark Carney was quoted as saying on Friday.
Carney told Canadian Press that a central bank analysis showed that 10 per cent of Canadians could be vulnerable if interest rates rose to what he described as "more normal levels."
"In exceptional circumstances, if there are issues that threaten financial stability, such as household debt... the bank could use monetary policy for that purpose," he said. "That factors into our decision-making without question."
Read the full article here.
TORONTO - The Bank of Canada could act, as a last resort, if excessive debt levels threaten the domestic economy, Governor Mark Carney was quoted as saying on Friday.
Carney told Canadian Press that a central bank analysis showed that 10 per cent of Canadians could be vulnerable if interest rates rose to what he described as "more normal levels."
"In exceptional circumstances, if there are issues that threaten financial stability, such as household debt... the bank could use monetary policy for that purpose," he said. "That factors into our decision-making without question."
Read the full article here.