CANADA - According to Statistics Canada the Canadian Economy shrunk 0.1% in July 2010, signaling the possibility of a double dip recession. If the economy shrunk in August as well, it will mean we really are in a double dip recession.
Meanwhile consumer spending in the United States is also down, suggesting the Americans aren't doing much better.
The Canadian economy did grow 5.8% in January to March 2010, so Canada's GDP is still up for the year, but the danger of a double dip recession is that Canadians are already suffering under high unemployment so a second round of layoffs could be devastating to the economy and cause a spiral effect.
Only the mining and finance/insurance sectors in Canada posted a gain in July. All other sectors were down. The biggest decrease was forestry and logging, down 4.6% due to a drop in exports.
The Bank of Canada has hiked short-term interest rates by 0.75% since June in three separate 25-point increases and many economists think it was too early to be making those increases when the economy is still fragile.
The only bright side is that the Christmas shopping season is coming up, which should loosen up wallets and spur growth. However we should note it only helps the North American economy when you buy things made in Canada or the USA. Buying things made in Japan or China isn't helping.
Subscribe to:
Post Comments (Atom)
Featured Posts
|
The Sarcasm Symbol
Ever had some confusion online or with your cellphone when someone fails to catch the sarcasm? Well now with the SarcMark you can ge... |
|
Behold, the Scorpion Hydrogen Supercar
CARS - To the right is the future of supercars... it is a hydrogen supercar called the Scorpion. The Scorpion from Ronn Motors in Texas is t... |
|
Documents show Stephen Harper misusing public funds
CANADA - According to 950+ pages of documents obtained by the Canadian Press under the Access to Information Act the Privy Coun... |
|
Pink's Rosie the Riveter
ENTERTAINMENT - What I like about this video is how it meshes different social movements like feminism, veganism, anti-capitalism... |
|
California's Dustbowl
ENVIRONMENT - The photo on the right is a farm in California that has been put up for sale. Its just one of thousands of farms that are n... |
|
Is Steampunk the New Goth???
GOTHIC - Watch out what you see on the subway late at night because while in 2001 you might have seen some pretty freakish goths, by 20... |
|
Do you have enough Ice Water in your diet?
HEALTH - A Calorie (large C) is a measurement of the amount of energy needed to raise the temperature of a litre of water (1 kg's worth) ... |
|
North Korean timeline towards Inevitable War
POLITICS - The following is timeline of events that have occurred on the Korean Peninsula. 1945 - Japan surrenders to the United States a... |
|
Judgment Day is Tomorrow, so sayeth Cult
RELIGION - According to a cult based in California, Judgement Day is tomorrow (May 21st 2011) and Jesus Christ will return to the Earth a... |
|
Sex in Space Forbidden
SEX/TECHNOLOGY - Sex in outer space is a big no-no according to NASA. Not for professional astronauts at least, but the growing numb... |
Popular Posts / Last 30 Days
-
CANADA - The following is a list of 10 reasons why Torontonians are considered the rudest city in Canada. The sad part is Toronto may deser... -
Visit amazon.com/author/moffat to get free short stories and huge discounts on fantasy books by Charles Moffat. Sale ends on October 20th... -
UNITED STATES - Barack Obama has taken the White House and John McCain has conceded defeat. Obama won 52% of the popular vote. McCain encou... -
POLITICS - While the USA is rocked by the biggest financial credit crisis since the Great Depression George W. Bush has decided to throw ... -
By Ai Lung Nguyen - May 2010. RELIGION - The popular social media website Facebook has been banned in Pakistan for images of the Prophet M... -
By Charles Moffat - June 9th 2010. TECHNOLOGY - Are you over 50 and can't tell a search engine from a web portal? You're not alon... -
CANADA - I am henceforth boycotting Yak Canada and encouraging other people to do the same. A telemarketer from Yak Canada called me on my... -
CANADA / RELIGION - His Holiness the Dalai Lama of Tibet is visiting Toronto in October and tickets to attend speeches, gatherings, etc are...
-
CANADA - There was over 300 car accidents in Toronto last night as three winter storms hit Ontario and the north eastern United States . Ca... -
Stuckism was founded by Charles Thomson and Billy Childish in 1999 with 12 artists to promote contemporary figurative painting and oppose...
No comments:
Post a Comment
Comments containing links will be marked as spam and not approved. We moderate every comment. If you want to advertise on this blog it is $30 per link.