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Canada loses 71,200 jobs in the biggest drop in employment in a decade


Ryan Strome

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1 hour ago, Boudrias said:

Excellent work. Many good points. My only comment would be the type and quality of jobs created. Pretty established that the Americans are creating a lot of high end jobs. Canada not so much. Another stat that really bugs me is comparing GDP numbers. What should be asked is the 'value margin' of a $1 of GDP in the two economies. Canada's economy is largely that of a price taker which has lower margins. The USA in contrast has much larger margins. Combine that with only 13% of USA GDP based on export. While that number is still massive in real terms the impact of currency on earnings is muted. On the Canadian side, as an example, the Cdn 

$ has lost 8.75% against the British pound in the last 90 days. I don't know how much trade is there but can you imagine the bite out of margins that takes.  

Boud, international trade is basically done in three currencies (U.S.$, Yen or Euro). The vast majority of Canadian trade with Great Britain is done in U.S.$ so effectively we would not care about the fluctuations between the Pound and CAD$.  We primarily produce our goods in CAD$ so a lower dollar is good for exporters but it also means we pay more for imports as the CAD$ weakens against the U.S$. If the Pound strengthen against the U.S.$ that may actually work in our favor as they could buy more goods/services from Canada at an effective lower cost per unit basis. Hope I am making some level of sense. Cheers.

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8 hours ago, SabreFan1 said:

It really is a proper defense though.  I'm not a fan of PM Blackface, but I'm holding judgment until another month or two rolls around and we see if the job loss numbers become a trend.

Do you honestly think if trump or Harper had these numbers or sheer for that matter the same people would defend it? Believe me I already know the answer. Also isn't this the second straight month of job loss? On top of that this is the most jobs lost in one month since the global recession.

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3 minutes ago, debluvscanucks said:

 

Right but again we're looking to the Past right? We need to look at what's going on right now and this is the most job loss in one month since the Global recession. I just hope most of job losses came in Ontario and Quebec because they wanted to re-elect Trudeau.

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8 hours ago, Unknown1995 said:

Think about it this way. If the Bloc hadn't done so well in Quebec, Trudeau would have won another majority. And that's with all his scandals. 

 

I'm sure Albertan's would have loved another Liberal majority :bigblush:. They seem to love Liberals :lol:

 

  Reveal hidden contents

greta-mural-defaced.JPG

 

 

 

 

 

 

Let's put it this way the block did very well in Quebec because many people are unhappy with Trudeau.

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1 minute ago, Rick Blight said:

Boud, international trade is basically done in three currencies (U.S.$, Yen or Euro). The vast majority of Canadian trade with Great Britain is done in U.S.$ so effectively we would not care about the fluctuations between the Pound and CAD$.  We primarily produce our goods in CAD$ so a lower dollar is good for exporters but it also means we pay more for imports as the CAD$ weakens against the U.S$. If the Pound strengthen against the U.S.$ that may actually work in our favor as they could buy more goods/services from Canada at an effective lower cost per unit basis. Hope I am making some level of sense. Cheers.

The trade might be conducted in USD but ultimately those dollars are repatriated to our respective countries, no? For example I own shares in a oil company listed on the LON Exchange. When I do an evaluation I convert Pounds to CDN$. If I want to sell I have to go through NewYork. It kind of ticks me off as the traders will get a bite 2X instead of once. AT the end of the day I will want my money in CDN which is no dif than companies from Canada who sell there.  

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10 minutes ago, Boudrias said:

The trade might be conducted in USD but ultimately those dollars are repatriated to our respective countries, no? For example I own shares in a oil company listed on the LON Exchange. When I do an evaluation I convert Pounds to CDN$. If I want to sell I have to go through NewYork. It kind of ticks me off as the traders will get a bite 2X instead of once. AT the end of the day I will want my money in CDN which is no dif than companies from Canada who sell there.  

Your issue is a very real one and would apply to any investor with international holdings that is not hedged to the CAD$. In the case of trade between international companies the company receiving our Canadian goods has to purchase U.S dollars to make payment to us and they would certainly be influenced by their currency vs the U.S. dollar. The Canadian company receiving those U.S.$'s as payment would then convert to CAD$'s for purposes of making their Canadian deposit. In this case, the Canadian company that produced and sold the goods internationally would want to see a very weak CAD$ vs U.S.$

Edited by Rick Blight
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2 minutes ago, Ryan Strome said:

Right but again we're looking to the Past right? We need to look at what's going on right now and this is the most job loss in one month since the Global recession. I just hope most of job losses came in Ontario and Quebec because they wanted to re-elect Trudeau.

47% of Canadian households cannot take an unexpected $250 hit in a month. Talk about the quality of jobs as well as the numbers. I found it interesting that home mortgage defaults were holding steady but car and credit card default were increasing. Canadian finance likes to laugh at American hedge funds for shorting our banks and claim they just don't 'understand' our banking system. That our banks sailed thru the 2009 crisis. What they don't tell you is that Canadian banks are being shorted from around the world. In the last round quarterly reports the banks were all increasing their loan loss books in anticipation of a recession. 

 

The anti-Trumpers wait with bated breath in anticipation of a recession before next November's POTUS election. Kinda ironic as the next recession likely triggers another credit crisis which will hurt the poor most. IMO it doesn't come down to Trump or not as this crisis will happen either way. 

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13 hours ago, nuckin_futz said:

 

Translation = "I made fun of the man who laughed at you. Daddy, do you love me yet?"

 

While today's number sucks. A little context is usually helpful. .....

 

I didn't see Jr. tweeting when Canada produced monthly job gains of 106.5K, 94.1K and 81.1K all within the last year.

 

 

 

 

cadjobs.jpg

Numbers don't lie.  That's still 220,000 more jobs than at this point in time last year.  That's still one of the hottest job markets in Canadian history.

 

I personally love how instead of talking about this in the election thread like everyone else has been doing for the last 36 hours someone needed the attention and decided to make a thread about it.

 

The issue with this is that many of these jobs are actually manufacturing and resource/extraction based.  A fair number of service based put in as well with the east carrying the brunt.  These are based off of issues in the world market almost exclusively.  There is little wrong with what is happening in Canada at this point.  But with so many issues on the world market it's affecting everyone.

 

This is not to say this is a good thing, it's actually terrifying.  Canada has been on shaky underlying numbers for almost 7 years regardless of the rosy pictures being painted by economic reports and labour reports.  Much of it not the fault of any one political party at the federal or provincial levels.

 

When your biggest trading partners in the world are fighting each other, slapping tariffs on everything, refusing to buy based on national ownership of said company or to busy squabbling a resource based economy is going to suffer.

 

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4 minutes ago, Boudrias said:

47% of Canadian households cannot take an unexpected $250 hit in a month. Talk about the quality of jobs as well as the numbers. I found it interesting that home mortgage defaults were holding steady but car and credit card default were increasing. Canadian finance likes to laugh at American hedge funds for shorting our banks and claim they just don't 'understand' our banking system. That our banks sailed thru the 2009 crisis. What they don't tell you is that Canadian banks are being shorted from around the world. In the last round quarterly reports the banks were all increasing their loan loss books in anticipation of a recession. 

 

The anti-Trumpers wait with bated breath in anticipation of a recession before next November's POTUS election. Kinda ironic as the next recession likely triggers another credit crisis which will hurt the poor most. IMO it doesn't come down to Trump or not as this crisis will happen either way. 

Is that $250 hit the same hit that BC took with the $200 billion LNG loss you spoke of but refuse to answer about?

 

Also, the next crisis will actually almost certainly be brought about mainly on the processes Trump has taken away and protections he's eroded as well as his policies.  

Edited by Warhippy
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10 hours ago, Rick Blight said:

Sorry Ryan but I am not going to offer an opinion on our immigration policies. I will say that 5.0% unemployment is the generally accepted number for full employment and this would indicate that the U.S. does not have enough trained people for vacant jobs while Canada has slightly more than enough people for the vacant jobs. The chart below will give you an indication of the number of job vacancies in the U.S. They have had between 6.8 and 7.7 million jobs vacant every month this year because they cannot match skills to the vacant jobs. Only people smarter than me can determine if more immigration would resolve that issue. I added another chart below that shows significant vacant jobs in Quebec and Ontario. Could immigration help resolve that and assist with economic growth? I don't know. Had too many drinks for this kind of discussion.

United States Job Vacancies

Provinces Vacancy rate Change Unfilled jobs
Quebec 4.1% +0.1% 120,800
British Columbia 3.6% +0.1% 69,400
Ontario 3.3% +0.1% 174,800
New Brunswick 2.8%   6,600
Manitoba 2.4%   10,400
Saskatchewan 2.3% +0.1% 8,000
Nova Scotia 2.3% -0.1% 7,000
Alberta 2.1% -0.1% 33,800
Newfoundland & Labrador 1.9% +0.1% 2,800
Prince Edward Island 1.8% +0.1% 900

 

The issue with your numbers.  That while they're accurate.  While they're actually based on a credible and concise argument.

 

They don't support someones opinion.  Therefore expect a red herring about immigration or not training Canadians

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5 minutes ago, Boudrias said:

Review the thread. I gave projects and the source that I got them from. 

Oh I did.  I then spent 20 minutes googling your statement looking for corroborating statements that supported your statement.  I didn't find them.

 

I asked you to support it, your exact statement in response was 

 

"Somewhere I posted them". "Google it"

 

Which is not a credible answer of any sort.  Opinion is also not fact.

 

Simply typing in BC loses $200 billion in LNG in to Google's each engine shows literally nothing over 10 pages about BC losing or "pissing away" $200 billion in LNG as you stated

 

I checked.  You're a liar.  You're now doubling down.  You're asking me to fact check you for something you never actually linked or posted and believe me I looked.  You're then asking "Isn't expressing an opinion legit on here? " which is entirely fine, but not an actual argument or a fact that supports your statement

 

Anyone can have an opinion.  But when you state an absolute in numbers, do not back it up and instead tell someone to look for themselves and they find literally zero supporting information to said claim, you're a liar.

 

 

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13 hours ago, Ryan Strome said:

The new way to defend Justin, let's look at the past not the present or future. I'm sure you liberals would say this if it was a conservative pm.:lol:

you mean like this quote from the article you posted?

 

 “But observers should remember that the numbers are highly volatile and that this is still the strongest year for job growth in Canada in 17 years.”

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7 minutes ago, Ryan Strome said:

Right but again we're looking to the Past right? We need to look at what's going on right now and this is the most job loss in one month since the Global recession. I just hope most of job losses came in Ontario and Quebec because they wanted to re-elect Trudeau.

 

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32 minutes ago, Boudrias said:

47% of Canadian households cannot take an unexpected $250 hit in a month. Talk about the quality of jobs as well as the numbers. I found it interesting that home mortgage defaults were holding steady but car and credit card default were increasing.

household debt is by far the biggest issue looming to hurt Canada imo. And its self inflicted for the most part. I know people who do things like have a car for each family member and pay for it by a line of credit where they only pay the interest. Talk about a way to get bankrupt. But many many people do this sort of thing. Yes a lot of people are going pay check to pay check but many more are simply getting too much easy credit. 

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Just now, Jimmy McGill said:

household debt is by far the biggest issue looming to hurt Canada imo. And its self inflicted for the most part. I know people who do things like have a car for each family member and pay for it by a line of credit where they only pay the interest. Talk about a way to get bankrupt. But many many people do this sort of thing. Yes a lot of people are going pay check to pay check but many more are simply getting too much easy credit. 

The advertising industry is pretty predatory, even worse in the USA. I am a fiscal conservative and have advocated for teaching financial literacy in the school system. It would likely eliminate a lot of poor choices about taking on debt. I am from the old school and still balance my bank account each month. My daughter doesn't and it drives me crazy. That said she is pretty thrifty.

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1 minute ago, Jimmy McGill said:

household debt is by far the biggest issue looming to hurt Canada imo. And its self inflicted for the most part. I know people who do things like have a car for each family member and pay for it by a line of credit where they only pay the interest. Talk about a way to get bankrupt. But many many people do this sort of thing. Yes a lot of people are going pay check to pay check but many more are simply getting too much easy credit. 

Agreed.  Household debt is in fact the biggest issue.  Too many families and businesses living on credit without the means to pay it off in the event of an emergency.  If rates increase again many families living beyond their means will be homeless or bankrupt.

 

That's not a government issue.  That's a spending issue.  In a truly conservative mindset these families and businesses would be left to themselves to sink or swim as is right and proper.  Much like the private sector, the government does not hire or fire people in private businesses nor do they overspend above their means from household to household and business to business

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39 minutes ago, Warhippy said:

Numbers don't lie.  That's still 220,000 more jobs than at this point in time last year.  That's still one of the hottest job markets in Canadian history.

 

I personally love how instead of talking about this in the election thread like everyone else has been doing for the last 36 hours someone needed the attention and decided to make a thread about it.

 

The issue with this is that many of these jobs are actually manufacturing and resource/extraction based.  A fair number of service based put in as well with the east carrying the brunt.  These are based off of issues in the world market almost exclusively.  There is little wrong with what is happening in Canada at this point.  But with so many issues on the world market it's affecting everyone.

 

This is not to say this is a good thing, it's actually terrifying.  Canada has been on shaky underlying numbers for almost 7 years regardless of the rosy pictures being painted by economic reports and labour reports.  Much of it not the fault of any one political party at the federal or provincial levels.

 

When your biggest trading partners in the world are fighting each other, slapping tariffs on everything, refusing to buy based on national ownership of said company or to busy squabbling a resource based economy is going to suffer.

 

Someone needed the attention? This coming from the guy who is only being on CDC for like 5 years and has 40,000 posts LOL

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