08-Jan-2010

10 Second Headlines of the Week – 08-Jan-2010

China

  • Doubling of loans last year caused property prices to rise “too quickly” according to Premier Wen Jiabao.
  • China’s Central Bank raised interest rates for the first time since August.
  • North America’s largest Potash Producers are in a standoff with China, refusing to meet demand for lower prices on long-term potash contracts.

Federal Reserve

  • The US Government is expected to unveil “Cash for Caulkers” in the next couple of months. The program may reimburse home owners up to $12,000 to make their homes more energy efficient, ie: caulking windows, energy efficient appliances etc.

Employment

  • Canada lost 2,600 jobs in December and the unemployment rate remained at 8.5%. This brings the total jobs lost to 323,000 since October 2008.
  • US lost 85,000 jobs in December while the unemployment rate remained at 10%. 50,000 jobs were lost from construction, while 25,000 were lost from government. 7,200,000 jobs have been lost since the recession began.
  • The US ‘underemployment’ rate now sits at 17.3% vs. 17.2%.
  • The average duration of unemployment in the US is a record high 29.1 weeks.

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