Tag Archives: bleak

CBC News – Canada loses 54,500 jobs in March

Jobless rate ticks higher to 7.2% as private-sector hiring slumps

By CBC News

Canada’s economy lost 54,500 jobs in March, bleak new data from Statistics Canada showed Friday.

That’s the worst month for Canadian employment since the recession of 2009. When added to the numbers for January and February, they show that Canada’s economy has lost 26,000 jobs so far in 2013 as a whole

The job losses pushed Canada’s jobless rate higher to 7.2 per cent.

“Official unemployment would have increased even more but for 12,300 Canadians dropping out of the labour force altogether and consequently not being counted as unemployed,” United Steelworkers economist Erin Weir said of the data.

Provincially, Quebec, British Columbia and Alberta lost jobs, and employment edged down in Ontario. The only province with an increase was Nova Scotia.

Loonie sinks on news

Private sector hiring, the engine of growth that policymakers keep a close eye on, actually fared even worse. There were 85,000 fewer private sector workers in March, while the public sector was largely unchanged,

There was an increase of 39,000 among self-employed people that counteracted the decline.

Overall, economists had been expecting about 6,500 new jobs, so a loss of 54,500 represents a considerable miss.

Much of the losses came among those in the core working-age group of those between 25 and 54. Among those younger than 25 and older than 54, the job numbers were pretty steady.

The Canadian dollar lost half a cent to trade below 98 cents US in reaction to the news.

Courtesy: CBC News
http://www.cbc.ca/news/canada/story/2013/04/05/business-jobs-canada.html

Alarm bells in the U.S.

Alarms are ringing as negative trends come together in a perfect storm. Is the United States sleepwalking into economic and geopolitical decline?

By ARNAUD DE BORCHGRAVE, UPI Editor at Large

WASHINGTON, May 29 (UPI) — Gen. David Richards, the British chief of staff, in the understatement of the week, says the strategic landscape is “worrying” and the outlook “bleak.”

The United States as the world’s strongest geopolitical player has become ungovernable, saddled with a dysfunctional Congress. House and Senate together, with 535 members, maintain 250 committees and subcommittees and micromanage muscular government decisions into unworkable policy directives.

No fewer than 108 committees have oversight jurisdiction on Homeland Security.

The latest book of Edward Luce, the Financial Times’ chief U.S. commentator, and former FT Washington bureau chief (2006-11), is titled, “Time to Start Thinking: America in the Age of Descent.”

America, he says, is sleepwalking into economic and geopolitical decline.

Read more: http://www.upi.com/Top_News/Analysis/de-Borchgrave/2012/05/29/Commentary-Alarm-bells-in-the-US/UPI-42381338299783/#ixzz1wIdSUlVl

Pakistan is Withering, By Saeed Qureshi

In the wake of the escalating violence and unrelenting terrorism that are brutally rampaging Pakistan, the country’s future and destiny seems to be murky and bleak. I am not exaggerating nor am I a prophet of doom. I am simply warning the average citizens ….

Read more » K4Kashmir

Is Egypt Going To Become Pakistan?

by K. Ashraf

We credited Pakistani analysts; commentators and anchormen with the habit of getting carried away with lofty notions like replication of Egyptian events in Pakistan. Now we see some western analysts also expressing identical views. None other than the US Vice President Joe Biden is included among them. Few days ago, he voiced similar concerns. Can events like Cairo repeat in Pakistan ?

There is a remote possibility that Egyptian events will repeat in Pakistan. Pakistan is not following Egypt it is Egypt that is following Pakistan . Pakistan witnessed similar events three years ago. Those events gave birth to present day political set-up—a negotiated democracy.

Continue reading Is Egypt Going To Become Pakistan?

Pakistan nears bankruptcy, yet its Army poaches most of the resources of the nation

As Pakistan nears bankruptcy, patience of foreign lenders wears thin

BY GRAEME SMITH

ISLAMABAD — A terrifying kind of mathematics has become popular among aid workers, analysts and others who spend their lives tracking the fate of Pakistan. It’s a back-of-the-envelope calculation about how the country will get through the coming years without declaring bankruptcy: take the country’s foreign debt ($53-billion), add interest, subtract the $1.8-billion that won’t arrive as scheduled on Jan. 1 from the International Monetary Fund because Islamabad failed to meet loan conditions. Add the staggering cost, perhaps $10-billion, of rebuilding after summer floods.

The numbers seem bleak. The government floated the possibility last week of running a deficit for the coming year of $15-billion.

Islamabad’s latest plan to raise revenue, a reformed tax law, has become bogged down by stubborn opposition parties, front-page criticism and street protests. The cabinet’s economic team is threatening to quit.

Pakistan needs a bailout. But is the country still a good investment?

“That’s the conversation people are having now, about whether you’d be throwing good money after bad,” said Mosharraf Zaidi, a development expert and policy analyst based in Islamabad.

The international community has accused Pakistan of poor financial management for years. Cables recently posted by the website WikiLeaks show a U.S. intelligence official complaining in 2008 about the country’s preference for spending money on strategic military hardware instead of development: “Despite pending economic catastrophe, Pakistan is producing nuclear weapons at a faster rate than any other country in the world.” …

READ MORE : Globe and Mail