Global View of the Canadian dollar – Higher or Lower?
+ Canada is a safe-haven currency given our stable monetary and fiscal policy.
+ Canada’s resource base is ensuring our participation in the global recovery.
+ According to PIMCO, countries to avoid include Greece, UK, PIIGS, while they consider the US to be a “less poor” alternative.
Canadian Employment for March
+ We added 17,900 new jobs (gained 32,200 part time, while full time jobs declined 14,400)
+ New jobs were created in construction, natural resources, and professional services. These represent less than 10% of the total workforce, the remaining 90% of the workforce lost 16,300 jobs.
+ Hours worked were down 0.4% MoM which is equivalent to a 70,000 employment cut.
+ Wages dropped 0.1% MoM for the second month in a row, broad based across sectors.
David Rosenberg: “US Government – Robin Hood or Artful Dodger?”
+ The longer people are unemployed the higher the probability that they will find new employment with much lower wages and benefits.
+ The US is experiencing an increase in the number of working poor.
+ All levels of US governments are looking to raise revenues. For example, Florida is examining whether to increase user fees, increase sales tax, and raise the retirement age.
For more information on Step 9 – “In the red zone” Governments Force Turnover, click here