Canadian economy heading for recession

[mentalfloss]

Article has no substance yet cannot dispute facts of article.

Salty curmudgeon tears earned.

 

[Locutus]

Manny Montenegrino ‏@manny_ottawa

China collapsing, rest of world to follow. Cant blame @pmharper but he must serve another 4 years to best protect us.

World collapse happening. Canada not immured.
VOTE:
Leader who's proven:
1. doesn't understand
2. will make it worse
3. To best protect us

 

[mentalfloss]

Canada is the most susceptible G7 country when there is a drop in oil prices.

This is because we invested too heavily in resource extraction instead of having a balanced portfolio.

 

[pgs]

Canada is the most susceptible G7 country when there is a drop in oil prices.

This is because we invested too heavily in resource extraction instead of having a balanced portfolio.

What you didn't listen to your broker and diversify your portfolio ?
To bad for you .
But please explain exactly when Canada's economy didn't rely on resource extraction ?

 

[JLM]

Canada is the most susceptible G7 country when there is a drop in oil prices.

This is because we invested too heavily in resource extraction instead of having a balanced portfolio.

I would guess the country is pretty heavily invested in fixed income funds.

 

[Kreskin]

Looks like the world is coming to an end, all over again. Damn Harper and Obama.

 

[JLM]

Looks like the world is coming to an end, all over again. Damn Harper and Obama.

Yeah, Dow down damn near 1000, those reprobates should be drawn and quartered!

 

[petros]

Article has no substance yet cannot dispute facts of article.

Salty curmudgeon tears earned.

Do I need to be a Molly burnout too to see these colourful facts?

Canada is the most susceptible G7 country when there is a drop in oil prices.

This is because we invested too heavily in resource extraction instead of having a balanced portfolio.

Do we need to go back to a 61¢ dollar? Is that what you want? The 61¢ dollar is why we used to have manufacturing exports. No other reason.

Do you really rally really want to go back to a 61¢ dollar? Yes or no?

 

[JLM]

Do you really rally really want to go back to a 61¢ dollar? Yes or no?

Personally, I'm not going to the U.S. these days so really don't give a rat's a$$ right now.

 

[petros]

When you buy from China on eBay like poopsiefloss it matters. He is upset about not being able to screw Canadian retailers.

I tossed my cash into my US dollar account last fall and upped my wealth.

 

[taxslave]

If you make a donation to WWF they'll send you a stuffed spirit bear made from petrochemical synthetic fabrics and fibres.

Were you expecting real bear fur? Besides this is the same group of clowns that paddle around in petrobased kayaks protesting oil tankers.

 

[petros]

Nothing beats natural. It's egofriendly.

 

[AnnaG]

Thanks Obama.


Recession Threat Looms As Canada's Economy Shrinks For 4th Month In A Row
m.huffpost.com

The odds that Canada will see a recession this year just rose considerably.

Canada's economy shrank 0.1 per cent in April, StatsCan said Tuesday morning, the fourth consecutive month of negative growth. Economists had been expecting the economy to expand by 0.1 per cent.

That suggests Canada's economic growth entered the second quarter considerably weaker than most economists had been expecting. Canada's economy shrank at annual pace of 0.6 per cent in the first quarter, and the number for April suggests that a negative reading for the second quarter is now much more likely.

Two consecutive quarters of economic decline would constitute a recession.

The mining, oil and gas sector shrank 2.6 per cent, the sixth month in a row it contracted. Retail trade shrank 0.2 per cent, the third month in a row it has seen negative growth. Manufacturing declined 0.2 per cent (the fourth consecutive month of declines) while construction fell 0.1 per cent. Finance and insurance fell a large 0.6 per cent.

Bright spots included wholesale trade (up 1.6 per cent) and accommodation and food services (up 1.2 per cent).

"The hit from oil to the Canadian economy doesn’t appear to be as 'front-loaded' as the Bank of Canada and Governor Poloz had expected," CIBC economist Andrew Grantham wrote.

"Thus far, we are yet to see the positives that should be offsetting weakness in the energy sector... Lower gasoline prices are doing little thus far to spur retail spending, while the weaker loonie is doing little to boost manufacturing."

The weaker-than-expected economy raises the odds that the Bank of Canada will lower interest rates again this year — something not all economists agree would help Canada's economy, particuarly heavily indebted consumers.

April's weak GDP reading "probably provides the Bank of Canada with enough ammunition to cut again in July," CIBC economist Benjamin Tal wrote.

Tal wondered whether such a move would be necessary. "Highly indebted households don’t need even lower borrowing costs," he wrote.

Still, there are two months left in the quarter and most observers are not yet ready to declare a recession.

"While the decline in Canadian real GDP in April raises the risk of a technical recession, we still believe the economy will manage to eke out marginally positive growth in the second quarter," TD Bank's Diana Petramala wrote.


Who's Hiring And Who's Bleeding Jobs In Canada

WORST: Oil, Gas and Mining - 10,400 jobs lost
Down 4.5% from March 2014 - March 2015. Source: StatsCan

2nd WORST: Retail - 6,000 jobs lost
Down 0.3% from March 2014 - March 2015. Source: StatsCan

Information/cultural industries - 4,700 jobs lost
Down 1.5% from March 2014 - March 2015. Source: StatsCan

Utilities - 4,600 jobs lost
Down 3.9% from March 2014 - March 2015. Source: StatsCan

Public administration - 2,500 jobs lost
Down 0.2% from March 2014 - March 2015. Source: StatsCan

Manufacturing - 200 jobs lost
Essentially no change from March 2014 - March 2015. Source: StatsCan

Management - 400 jobs gained
Up 0.4% from March 2014 - March 2015. Source: StatsCan

Forestry - 1,400 jobs gained
Up 3.7% from March 2014 - March 2015. Source: StatsCan

Arts and entertainment - 4,800 jobs gained
Up 1.9% from March 2014 - March 2015. Source: StatsCan

Transportation and warehousing - 6,200 jobs gained
Up 0.9% from March 2014 - March 2015. Source: StatsCan

Finance and insurance - 7,300 jobs gained
Up 1% from March 2014 - March 2015. Source: StatsCan

Wholesale trade - 8,600 jobs gained
Up 1.1% from March 2014 - March 2015. Source: StatsCan

Real estate - 9,200 jobs gained
Up 3.3% from March 2014 - March 2015. Source: StatsCan

Construction - 13,600 jobs gained
Up 1.4% frmo March 2014 - March 2015. Source: StatsCan

Education - 13,800 jobs gained
Up 1.1% from March 2014 - March 2015. Source: StatsCan

Professional/scientific/technical services - 23,200 jobs gained
Up 2.8% from March 2014 - March 2015. Source: StatsCan

Accommodation & food services - 34,200 jobs gained
Up 2.9% from March 2014 - March 2015. Source: StatsCan

BEST: Health care - 38,700 jobs created
Up 2.2% from March 2014 - March 2015. Source: StatsCan

Recession Threat Looms As Canada's Economy Shrinks For 4th Month In A Row

Oh, ffs! Economies go up and they go down, get over it.

 

[JLM]

Oh, ffs! Economies go up and they go down, get over it.

Yep, if you don't like where the markets are at, it's probably a good time to buy in!

 

[spaminator]

Yeah, Dow down damn near 1000, those reprobates should be drawn and quartered!

 

[JLM]

Canada is the most susceptible G7 country when there is a drop in oil prices.

This is because we invested too heavily in resource extraction instead of having a balanced portfolio.

Possibly the least susceptible, solely because we are a multi resource country................count them.
1. Oil
2.Coal
3. Potash
4. Diamonds
5. Gold, silver, lead, zinc, moly, aluminum, nickel
6. Lumber
7. Wheat
8. canola
9. sugar beets
10. Salmon, herring, tuna, haddock
11. manufacturing
12. movie industry

There's probably at least another dozen or more I haven't thought of.

 

[mentalfloss]

No, we're the only G7 country in recession because of oil.

 

[JLM]

No, we're the only G7 country in recession because of oil.

What about Russia and the U.S.? Do you think oil prices aren't hitting them? It hasn't even been established yet (if you listen to Amanda Lang and Ian Lee) that we are in a recession. If we are China is as big or bigger cause than oil. Anyway it's no use getting hung up on semantics.

 

[mentalfloss]

Russia is not part of the G7 and the U.S. is experiencing growth for the same period we've been in recession.

 

[JLM]

Russia is not part of the G7 and the U.S. is experiencing growth for the same period we've been in recession.

What you assuming is a recession is not one according to some of the pundits. Your assertion about Canada being the only country in the G7 to experience a downturn due to oil is a moot point. The European members don't have oil. Keep your head up and your eyes peeled for shards of sky.