And Some Nasty Headlines This Morning

If you thought selfies and travelling the country would do the job take a breather. Oh, and all that borrowing., take another one . The economy is shrinking and you can’t blame it on Mr. Harper.

From the National Post

oOTTAWA — Canada’s employment market caved in July, unexpectedly losing tens of thousands of jobs — most on them full-time positions, with Ontario taking the brunt of the declines — and pushing the jobless rate higher.

Most forecasters had expected job growth to resume last month after a small loss in June, which would have continued the recent sea-saw labour pattern. But data from Statistics Canada on Friday showed a net loss of 31,200 workers — enough to push the unemployment rate to 6.9 per cent, up from 6.8 per cent the previous month.

The Canadian dollar lost 0.85 US cents to 75.94 after the data was released.

Full-time employment fell by a net 71,400 in July, while part-time positions saw a gain of 40,200, the federal agency said. The public sector shed 42,000 jobs, with only 13,600 more people working in the private sector.

Related
Trudeau’s stimulus buys Poloz time on rates as gaping trade gap expected

Canada’s economy is growing at the slowest pace in 60 years and the only thing holding us up is housing

Canada’s economy shrinks 0.6 per cent in worst month since 2009 recession

High taxes and electricity prices  in Ontario, high taxes in Quebec, low oil price, crushing deficits and mismanagement in Newfoundland and Labrador, low oil price in Alberta and Saskatchewan, with high debt everywhere and  risings deficits just about everywhere , and a bloating Federal deficit and debt paints less than a pretty picture.

Throw some low productivity , and innovation deficit versus our largest trading partner in the mix and presto—-our  vaunted mediocrity will continue unabated.

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