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.