05-Aug-2011

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Employment

Canada

+ Total jobs increased 7,100 vs 15,000 expected, unemployment rate 7.2% vs 7.4%.

+ Private Employment increased 95,000, best showing since April 2000.

+ Declines were in Education and Healthcare. Gains were in construction and manufacturing.

+ Alberta gained 12,000 jobs, highest growth in Canada. Unemployment rate 5.6% vs 5.5% as more people were looking for work.

U.S.

+ Added 117,000 jobs vs 85,000 expected, unemployment rate 9.1% vs 9.2%

+ Private Employment increased 154,000 while government jobs declined.

“New” US Budget ‘Super Committee’

+ 12 members of Congress will be selected: 6 Democrats and 6 Republicans. White House will have the 13th and deciding vote.

+ Committee will identify the next set of budget cuts or automatic budget cuts will occur. As well, Senate Democrat Leader Harry Reid said “painful” tax increases would be enacted or automatic triggers would kick in.

+ Legally, only the House of Representatives has had the power to generate revenue.

+ Stephen Haynes, Weekly Standard, wrote: Republican sources have stated “those who did not support the debt deal will be excluded from the Super Committee”.

Tidbits

+ Leaders of Germany, France and Spain are holding talks about Europe’s debit crisis today. The European Central Bank has offered only limited help. China and Japan are calling for global co-operation to resolve the ongoing issues.