03-Dec-2010

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Canada’s November Jobless Rate Falls

+ Jobless rate 7.6% versus 7.9% in October and employment rose by 15,200 (forecast approx 20,000).

+ Healthcare and social assistance led the job gain at 28,400, while 40,400 jobs were lost by people age 15-24.

+ In 1976 manufacturing employment accounted for 19% of total employment, in the early 2000’s it was 15% and today it is down to10% after losing 28,600 jobs this month.

+ The average wage increased 2.2% in November, on track with 4.8% annualized growth.

US Nonfarming Payroll

+ Unemployment rate 9.8% in November from 9.6% with job creation at a slim 39,000, falling short of the 155,000 gain expected by Wall Street

+ Earnings are up 1.6% in the past year with an average workweek unchanged at 34.3 hours.

US Offshore Drilling Halt

+ The Obama administration announced it had rescinded its decision to expand offshore oil exploration in the eastern Gulf of Mexico and Atlantic Coast for at least seven years, meanwhile central and western Gulf of Mexico remain open.

+ Shell’s pending drilling lease in the Arctic Ocean off of the Alaskan coast will be honoured only after a new environmental review is completed and spill response requirements are met.

Severe Drought Prompts Grain Negotiations

+ Prime Minister Vladimir Putin has asked colleagues from other countries to reserve some grain volume to ship to Russia should it face shortages after the worst drought in the last fifty years.

Doctors on Strike?

+ Doctors at seven Swift Current medical clinics closed their doors November 30th, specifically clinics where Premier Brad Wall and his family go for medical services, in response to 19 months of prolonged contract negotiations.