Canada Bleeding Private Jobs; Vancouver Home Sales Plunge 16.7 Percent; Crash Awaits

IMG Auteur
Published : November 05th, 2012
409 words - Reading time : 1 - 1 minutes
( 3 votes, 5/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : Market Analysis

 

 

 

 

The Financial Post has an interesting story on the state of the Canadian jobs market. It seem over 100% of job growth is from government jobs.

Please consider Employment numbers hide the fact Canada is bleeding private sector jobs

Canada may have added 1,800 jobs in October, but that number hides the fact that almost all the gains came from government and that the private sector lost more than 20,000 jobs.

The 1,800 jobs added was already a disappointment compared with the 10,000 economists had forecast. According to Statistics Canada, that left the unemployment rate unchanged at 7.4%.

The six-month average for jobs gains is now 29,400, according to Reuters. But it’s a very different story when you look at the private sector and public sector separately.

Details of the report were much worse than the headline number with the private sector showing a loss of 21,000 in October, the fourth decline in six months,” said Matthieu Arseneau, senior economist with the National Bank of Canada. “Over the period, the private sector is actually showing a loss of 12,000 jobs, compared to a surge of 76,000 jobs in the public sector.”

With earnings of TSX companies down 30% so far in the third quarter, we do not expect a hiring spree anytime soon,” he said.

It is good to see a realistic comments from analysts. Matthieu Arseneau, is spot on with his comments.

Vancouver Home Sales Plunge 16.7 Percent

The Globe and Mail reports Vancouver home prices sink 3.4% from peak as sales plunge


Home sales in the Vancouver area plunged 16.7 per cent in October from a year earlier, though picked up markedly from September.

In an indication of how that market’s performing, sales were 28.5 per cent below a 10-year October sales average of 2,700, the Real Estate Board of Greater Vancouver said today, while the composite benchmark price for residential properties is down 3.4 per cent from its peak of $625,100 in May.

Along with Toronto, Vancouver has been a worry spot for observers. The country’s housing market has cooled notably since the latest round of government efforts to tighten the mortgage market, though most economists don’t envision a meltdown.

Economists never envision a meltdown. But a massive meltdown is coming anyway. I must admit the pool of greater fools in Vancouver and Toronto was far, far bigger than I thought possible, but at long last the pool seems to have dried up. A crash awaits.

 

 

Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All
<< Previous article
Rate : Average note :5 (3 votes)
>> Next article
IMG Auteur
Mish 13 abonnés
Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com
WebsiteSubscribe to his services
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
The Fed Is Confused about What Drives Inflation
18 Octneville
Hi Frank, Thanks for your article.......The fact of the matter is that LIES LIKE EVERYTHING ELSE DRIVES INFLATION , which as it so happens is 'THE'...
What kind of person runs for public office ?
17 OctThemis1
I liked the use of the self-actualization chart within the context of politicians and their motives. It probably applies to many in Hollywood as w...
The Silliness of the Bretton Woods Years
16 OctThe Recusant
KUDOS! The book is anti-gold slanted throughout and subtly mocks those that value gold as seen in that silly Las Vegas Golden Rooster tale. As I pr...
The Future (Not)
14 OctS W.-1
I have it on good authority that the Aliens living in Antarctica have discovered a way of turning Ice into Oil. All we have to do to secure ou...
Betrayal!
09 OctThemis1
I agree 100% with all the points you made. You have summarized my own anger and the reasons for it. My only consolation is that I believe the eli...
A silver price-suppression theory gets debunked
07 OctDoom-1
I think he linked the wrong article, because there's minimal facts and logic there relevant to price suppression. It's a shame, because I really wo...
Light It Up
07 OctThemis
I keep wondering whether the US is fermenting a war with North Korea so as to indirectly draw China in and delay implementation of the yuan-for-oil...
One Nation Under Gold (2017), by James Ledbetter
05 OctThe Recusant1
Sadly, I too hoped for a more even-handed assessment of gold in our economic history. The book IS biased and by the time I got to the 20th century ...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS