The first one can be read in its entirety here.
Recession fears grow in Ontario
Pessimistic forecasts about slowing U.S. economy mean Ontario is at risk as well in the coming year
Jan 10, 2008 04:30 AM
Madhavi Acharya-Tom Yew
There is growing concern among economists that Ontario is teetering on the brink of a recession.
Several analysts yesterday issued pessimistic predictions about the U.S. economy, and the impact it will have on the province this year.
"Ontario is already struggling with the high Canadian dollar and the problems in the auto industry. A U.S. recession would be a triple whammy for the Ontario economy," said Sal Guatieri, senior economist at BMO Capital Markets in Toronto. "(Ontario) might avoid recession because interest rates are low in Canada, but it would be touch and go."
The second one can be read in full here.
18,700 Canadian jobs lost in December
Manufacturing buckles under weight of dollar, but jobless rate holds steady at 5.9 per cent
Jan 12, 2008 04:30 AM
OTTAWA–Canada shed 18,700 jobs in December after seven months of rising employment, but economists doubt the pullback means the economy is about to take a sharp turn for the worse.
The jobs data released yesterday by Statistics Canada were a surprise, reversing economists' consensus forecast for a gain of 15,000 jobs. The private sector cut 51,000 jobs last month while the public sector kept hiring and self-employment continued increasing.
The month's net loss of 18,700 jobs was the worst in 3 1/2 years, but the overall unemployment rate held steady at 5.9 per cent, leading many economists to speculate that the retraction was a blip.
For starters, economists are useless when it comes to making forecasts. They just make educated guesses. That's why they have to boast about their track record to convince people to believe them on anything. If you have ever taken an economics course you'd realize that economics has no practical application outside of a university class room. Once you get an economics related job in the real world you should throw everything you ever learned out the window. Economic history, psychology, and that good ol' fashioned "gut feeling" are more practical in economics than supply and demand graphs. The only thing economists are good for is trying to make sense of what the hell just happened. That being said, notice how the loss of 18,700 jobs took them by surprise. They were in fact predicting a gain of 15,000 jobs. When it comes to economists and their analysis its buyer beware. But I am digressing here.
Given the hint of a possible slow down in the Ontario economy - the province that receives the bulk of Canada's immigrants and the so-called "economic engine of Canada" - and that Canada has shed 18,700 jobs should we still be bringing in 250,000 immigrants a year, possibly more? No we shouldn't never mind the fact that no real justification ever existed for introducing 250,000 immigrants into Canada in the first place.
When job growth is mentioned, absent from such reports are what kinds of jobs Canada is producing. This is where you have to keep an eye and ear out for further details. In one interview I caught on a business news channel the one being interviewed mentioned as a passing comment that most of the jobs being produced in Alberta's job-boom that are going unfilled are service sector jobs like Tim Horton's counter help. I think that is the case for most of Canada actually. Part time help is considered job growth. Temp help is considered job growth and 1/3 of all jobs - in Ontario at least - are temp jobs. The second news article mentions an increase in self employment. Part time help, temp help, and self employment are unstable, do not pay as well in most cases, and do not have benefits. If this is the crux of Canada's job growth then this is not good news. Also, a significant portion of full time employment is service sector related such as counter help, wait staff, custodial, bus drivers, security guards, etc.
Canada has suffered a terrible blow to its manufacturing sector. These jobs provided a middle class income for those with just a high school education. News reports come out on occasion concerning the shedding of more manufacturing jobs to be relocated over seas. Recently a moratorium on the hiring of new teachers was called for. There is an apparent glut of teachers in the Canadian labour market. The Toronto Star published an article reporting that new teaching graduates can expect to look years for that full time teaching position. The number of engineers seeking work each year is doubled because of immigration making it more difficult for some to find steady work.
To continue to introduce 250,000 - 300,000 if illegal immigration is included - into the Canadian economy given these economic conditions is insane! This does not benefit Canadians at all and it is an assault on their standard of living.
There was a time when immigration numbers fluctuated based on economic need but no more. Canada's immigration system has nothing to do with benefiting Canada and Canadians. It benefits Canada's political parties who abuse it to pander to ethnic voters in urban ridings. It also benefits those who make a living in what has been called, correctly so, Canada immigration industry. These include chiefly immigration lawyers and immigration consultants as well as social workers, banks to sell services to new clients, housing developers who need immigrants to sell houses to, and ethnic communities who want the steady importation of their people to colonize Canada and swell their numbers so as to command a greater share of economic and political power within Canada.
Canada's immigration are targets are too high and will make the effects of a recession worse if immigration numbers remain at its current level. Immigration should compliment the standard of living of Canadians, not attack it.