08-July-2011

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Employment

Canada

+ 28,400 jobs added in June, 2x expectations. 21,100 part time jobs and 7,300 full time.

+ Unemployment rate stayed at 7.4% because more people were looking for work.

+ Alberta added 22,000 jobs, unemployment rate 5.6% vs 5.4% in May.

+ Ontario added 40,000 jobs, unemployment rate 7.7% vs 7.9% in May

US

+ Added 18,000 jobs in June, the fewest in 9 months. Economists had been forecasting additions of 105,000 to 125,000 jobs.

+ Private sector added 57,000 jobs. Government dropped 39,000, 8th straight decline.

+ May was revised to 25,000 jobs added vs the 54,000 reported earlier.

+ Unemployment rate increased to 9.2% vs 9.1%.

+ Participation rate declined to 64.1%, lowest since March 1984.

Tidbits

+ Q2 US Apartment vacancies fell 1.8% YoY, lowest level since end of 2007.

+ Minnesota state government is shut down as they failed to resolve their budget dispute. 20,000 were laid off.

+ Germany increased annual borrowing targets more than 10% through 2015 to cover bailout costs.

+ China increased interest rates by 25 bps, the third increase this year, in an effort to cool the economy.

+ Japan machinery orders rose 3% in May, MoM, on rebuilding.