Canadian economy heading for recession
- Thread starter mentalfloss
- Start date
He's one of these people who believes the P.M. is capable of controlling economics beyond his own family budget. Jimmy Pattison has more power to control economics than Steve Harper has and that likely isn't very much.
Canada's economy is shrinking — here's what's going on
Canada's in rough shape.
The country's statistics agency released GDP data on Friday that showed the Canadian economy shrank by 0.2% in May.
That's worse than expectations of 0.0% growth, and it's the fifth consecutive month the economy contracted.
Weighing on the economy were the manufacturing and mining, oil, and gas extraction sectors. Wholesale trade was also down.
Manufacturing output contracted 1.7% in May to its lowest level in a year, following no growth in April, according to the report. Mining, quarrying, and oil and gas extraction fell 0.7%, down for the seventh consecutive month.
The oil crash and a smoked loonie
The drop in oil prices that began more than a year ago has been hard on the net oil-exporting nation.
Oil services companies like Schlumberger are now cutting jobs, and Alberta, Canada's main oil-producing province, saw its unemployment rate jump from 5.5% to 5.8% in May.
It looks like the effect of falling commodities prices on the Canadian economy is not going to let up anytime soon. That's according to a note from BNP Paribas' Derek Lindsey.
The Bank of Canada cut interest rates last month, and now it's likely to continue easing, Lindsey noted.
Bank of Canada governor Stephen Poloz has yet to use the word "recession," preferring to describe the economic situation as a "complex and significant adjustment."
The Canadian dollar — aka the loonie — is weak. Here's what's happened with the currency over the past year:
...more...
How Canada went into recession - Business Insider
Canada's in rough shape.
The country's statistics agency released GDP data on Friday that showed the Canadian economy shrank by 0.2% in May.
That's worse than expectations of 0.0% growth, and it's the fifth consecutive month the economy contracted.
Weighing on the economy were the manufacturing and mining, oil, and gas extraction sectors. Wholesale trade was also down.
Manufacturing output contracted 1.7% in May to its lowest level in a year, following no growth in April, according to the report. Mining, quarrying, and oil and gas extraction fell 0.7%, down for the seventh consecutive month.
The oil crash and a smoked loonie
The drop in oil prices that began more than a year ago has been hard on the net oil-exporting nation.
Oil services companies like Schlumberger are now cutting jobs, and Alberta, Canada's main oil-producing province, saw its unemployment rate jump from 5.5% to 5.8% in May.
It looks like the effect of falling commodities prices on the Canadian economy is not going to let up anytime soon. That's according to a note from BNP Paribas' Derek Lindsey.
The Bank of Canada cut interest rates last month, and now it's likely to continue easing, Lindsey noted.
Bank of Canada governor Stephen Poloz has yet to use the word "recession," preferring to describe the economic situation as a "complex and significant adjustment."
The Canadian dollar — aka the loonie — is weak. Here's what's happened with the currency over the past year:
...more...
How Canada went into recession - Business Insider
Just heard on the idiot box an hour ago that, that piece of news maybe little out of date. The trade balance effective this June was in the surplus for the first time in 5 months. Thanks to our cheap dollar we exported more than we imported.
Yea, with the dollar, who the hell is going to buy anything on Ebay right now?
Who's gonna buy anything with retail prices skyrocketing?
Who's gonna buy anything with retail prices skyrocketing?
just get use to eating slop and living like mel brooks in the movie life stinks ya pack of whiners, suck it up and take the bus ya pussies.
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I remember vacationing in the U.S. 20 years ago when our dollar was worth 65 cents. It pretty much balanced out as their goods were cheaper than ours. Where we were paying $5 for restaurant meals here we could get the same meal for $3.50 down there.
Who the f**k is complaining? Not me. There's always the option of pork and beans, which would be nothing new.
Trade is now GDP.
This is why Cons are stupid and should not be giving anyone advice on the economy.
Canadian economy has ‘limited power,’ as small business confidence drops to lowest level since April 2009
This is why Cons are stupid and should not be giving anyone advice on the economy.
Canadian economy has ‘limited power,’ as small business confidence drops to lowest level since April 2009
F-ck eBay. Why aren't you shopping Canadian retail instead of US and Chinese retail?
That makes you part of the eProblem with the eConomy and a hypocrite longing for a par dollar.
F-ck ON manufacturing and the stupidily low interest to kill the dollar because you want to shop US and China?
Sweet!
Now there is a prime example of the pot calling the kettle black.
And yet there are two new mines opening in BC.
Is this supposed to be news? The word "may" should relegate it to where it belongs- in the small print near the bottom of page 14.
It's because the finance minister is peddling something else.
Do conbots need an explanation for everything?
Do conbots need an explanation for everything?
I'll continue not being able to vote for anyone in the UN. That's my vote.
At least as a share owner in Evil Corp LLC I can and do vote on matters that will steer the direction Evil is doled out.
At least as a share owner in Evil Corp LLC I can and do vote on matters that will steer the direction Evil is doled out.
What's ECL trading at nowadays? I'm mostly in Planet Destroyers, Inc. and Inhuman Monsters GmbH, but I'm looking to diversify some.