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
By: The Canadian Press
Statistics Canada says manufacturing sales fell 3.1 per cent in December to $48 billion, the largest decline since May 2009 and worse than expected. ….
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By: Tara Beteille, co-authors: Kalpana Kochhar
In our blog post last November, we discussed Pakistan’s decision to grant India most favored nation (MFN) status. We were hopeful about the gains from easier trade between the two, but noted the many stumbling blocks in between. In the past 20 weeks, both countries have made serious efforts to address these blocks. Things are looking good. Here is an update.
Both countries mean business
In addition to the goodwill gesture of Pakistani President Asif Ali Zardari visiting India this April and Indian Prime Minister Manmohan Singh considering visiting Pakistan, important issues addressed include:
- Pakistan issued an order in March 2012 to move from a positive list of 2,000 items for India to a negative list of 1,209 banned items. Pakistan intends to phase out the negative list altogether and formally give India MFN status by the end of 2012.
- India, which formally granted Pakistan MFN status in 1996 (but maintained barriers) has agreed to reduce its sensitive list of 865 items by 30% within four months. India has also agreed in principle to allow Pakistani foreign direct investment in the country.
- Both countries recently agreed to allow yearlong multiple-entry visas for business visitors, with visitors allowed to enter and exit through different cities.
- The two countries have agreed to allow each other’s central banks – the Reserve Bank of India and the State Bank of Pakistan – to open bank branches across borders to facilitate financial transactions and ensure smooth trade.
- A second checkpost gate was inaugurated this March at the Attari-Wagah border to ease road traffic between the two countries. The checkpost, with elaborate security features and capable of accommodating 600 trucks at a time, will provide upgraded infrastructure, including new storage go-downs, wide roads, and a luxurious passenger terminal.
Opportunities and gains
Making borders irrelevant can have far-reaching effects for economic prosperity across sectors in Pakistan and India. Consider a key driver of growth: electricity. South Asia’s recent More and Better Jobs flagship report estimated that industrial load shedding in Pakistan has resulted in the loss of 400,000 jobs. Trade between energy surplus and deficit regions could counter such losses — indeed, Pakistan is already in negotiations with India to import up to 500 MW of electricity.
Continue reading India-Pakistan Trade: Making Borders Irrelevant
Manufacturing this urgency to ‘change’ seems to be the result of an anxiety shared by not only a predominantly Punjabi establishment but also the lions of Punjab and Generation X Khan
… While the PTI’s Khan is understandably impatient to play his innings, the PML-N joining the bandwagon is the most foolish thing the time-hardened Mians of Lahore should opt for. The establishment would not like them in power, but would love to use them to get the incumbents out of power. One hopes for both the bigger parties, who have fought hard for democracy, to play their shots sensibly.
Read more » Daily Times
By Eunice Yoon, CNN
The authorities here are obviously nervous. My crew and I are sitting in a local government building being questioned by six propaganda officials.
One of them is scribbling down our credentials in a worn pocket-sized notebook. My producer, Steven Jiang, is talking non-stop to one officer who looks especially nonplussed.
We traveled to the manufacturing town of Xintang to investigate why thousands of migrant workers suddenly took to the streets just a week ago.
We knew the unrest was triggered by what appeared to be a minor event — a pregnant migrant worker and her husband got in a scuffle with city officials and she ended up falling on the ground.
However, the ferocity by which this dispute exploded in a massive conflagration, pitting thousands of enraged workers against hundreds of riot police, took many by surprise.
The unrest seems to belie the image of China as a bustling economy going from strength to strength, enriching the lives of millions across the country, especially in the industrial south. But the problem is many people feel they are not getting their fair share of the rapid growth. …
Read more: → CNN