04-Jun-2010

bp3

A Second Stimulus Package for the US?

+ Presidential Advisor, Larry Summers, has recommended that Congress pass another $200 billion stimulus bill this year.

+ Half a dozen states are delaying tax refunds until they are sure they have enough money to pay their current debts.

+ The US economy only added 20,000 jobs in May, net of 411,000 census workers. Over 100,000 jobs short of expectations.

BP Oil Spill

+ Moratorium on mid and deep water drilling offshore of the US extended to 1 year. This includes wells that were actively being drilled.

+ Louisiana believes that this could cost their state 20,000 jobs over the next year.

+ Each drilling platform idled puts 1,400 jobs at risk, lost wages could reach $10,000,000 per month for each rig.

+ Scientists speculate that if the well is not stopped by the end of August, the oil will flow up the Eastern seaboard.

Canadian Employment Growth

+ Canada added 24,700 new jobs in May (67,300 full time jobs), unemployment rate unchanged at 8.1%

+ Alberta’s unemployment rate dropped to 6.6% vs 7.4% and Saskatchewan to 5% vs 5.2%.

+ The unemployment rate increased in Ontario, Quebec, BC, and Manitoba.