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There are at least 1,592,000 Canadians who don`t believe the recession is over.
Benjamin Tal, senior economist with CIBC World Markets, says consumers -- including the almost 1.6 million unemployed -- are unlikely to be overjoyed by the Bank of Canada`s pronouncement yesterday that the recession is all but over.
"This is a technical economic recovery and something only economists get excited about," Mr. Tal said.
"Does it mean unemployment will go down? Will it be easier to get a job? For the average person, its not over and it won`t be over until it`s easier to get a job."
There have been some signs that consumers are feeling more confident and ready to spend -- one of the top indicators being the moribound housing market that saw record sales activity for June in major markets across the country.
But it may be a tad early to get excited about a housing market that was dealing with pent-up demand from a winter that had little transaction activity, said Mr. Tal. "The affordability aspect has become extremely important in this market."
Read the full article here.
Benjamin Tal, senior economist with CIBC World Markets, says consumers -- including the almost 1.6 million unemployed -- are unlikely to be overjoyed by the Bank of Canada`s pronouncement yesterday that the recession is all but over.
"This is a technical economic recovery and something only economists get excited about," Mr. Tal said.
"Does it mean unemployment will go down? Will it be easier to get a job? For the average person, its not over and it won`t be over until it`s easier to get a job."
There have been some signs that consumers are feeling more confident and ready to spend -- one of the top indicators being the moribound housing market that saw record sales activity for June in major markets across the country.
But it may be a tad early to get excited about a housing market that was dealing with pent-up demand from a winter that had little transaction activity, said Mr. Tal. "The affordability aspect has become extremely important in this market."
Read the full article here.