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15 November 2007
2 November was the 2nd day of the fifth month of the 2nd year of Canadian national consciousness rising to invincibility, as indicated by the following press reports:
2 November 2007
CBC News - Canada's jobless rate falls to 33-year low of 5.8% (2 November 2007) The Canadian economy generated an astonishing 63,000 new jobs in October, bringing the jobless rate down to a generational low of 5.8 per cent. Employment grew in every province in the country, with Ontario leading the way for the second straight month with a net addition of 32,200 jobs. Alberta again had the lowest jobless rate, at 3.4 per cent. The jobless rate fell in all four Atlantic provinces.
From Globe and Mail reports on this: Employers created a much greater-than-expected 63,000 positions amid high commodity prices, a strong housing market and sturdy trade. That growth suggests consumer demand will continue to propel Canada's economic growth. Average hourly wage increases have been running above 4 per cent for the past three months, their hottest pace since Statistics Canada began compiling the data a decade ago. Douglas Porter, senior economist at BMO Capital Markets, said the 'jobs party' is good news for the domestic economy in terms of higher wages and consumer spending.
From a Toronto Star report on this: Statistics Canada said overall employment has increased 2.1 per cent, or by 346,000 positions, so far in 2007 and dubbed it 'the strongest January-to-October growth in the past five years'.
From a Bloomberg News report on this: Canada's economy added five times more jobs than forecast in October. 'The Canadian jobs numbers were dramatically above market expectations and well above what the Bank of Canada has been anticipating,' said Craig Alexander, deputy chief economist with TD Bank Financial Group in Toronto. Job growth has surpassed economists' predictions in 11 of the past 12 months.
From the Statistics Canada report: October's employment rate reached an all-time high of 63.7%.
The National Post - Strong holiday buying season forecast (1 November 2007) Canada's retail sector is expected to see strong growth this holiday season. Professional-services firm Ernst & Young predicted that retail sales in Canada for November, December, and January will grow between 4.5% and 5.5% from last year. This is ahead of the 4.7 per cent sales increase for the same period last holiday season. The report said price competitiveness should become easier for retailers as benefits of the high dollar make their way through the supply chain. Ernst & Young said strong economic factors, such as low unemployment and rising per-capita income, will spur a strong retail sector. Recently announced tax cuts will also inspire consumer confidence, the firm said.
From a Globe and Mail report on this: 'The economic fundamentals this year are particularly good,' Daniel Baer, a partner at Ernst & Young, said in explaining the increase he is forecasting, which would take total sales for the November through January period to between C$68.2 billion and C$68.9 billion, excluding automotive, from C$65.3 billion. 'With the unemployment rate at 30-year lows and the Canadian dollar at record highs, I think the mood of the country and of the consumer is very buoyant, especially now that more tax cuts are coming, starting in January,' he said.
The Globe and Mail - Loonie tops $1.07, hitting record (2 November 2007) The loonie [popular name for the Canadian dollar] hit a record Friday, jumping 2 full cents after a stronger-than-expected jobs report. The Canadian dollar, already the world's best-performing major currency this year, rose to close at $107.04 US. The gains are most striking against the US dollar, but the loonie is also stronger against every single major world currency this year. The Royal Bank of Canada, the largest international trader of Canadian dollars, raised its forecast for the currency on Friday, saying it will appreciate further to around $1.08 US.
From Canadian Press reports on this: 'We're totally in uncharted territory for the Canadian dollar, and we'll probably remain there for some time,' said Royal Bank economist Craig Wright. The latest jobs data 'show two back-to-back blowout months in employment, and it's humbled anybody who is [in] the forecasting business,' Wright said. 'There are pockets of weakness but overall the Canadian economy is on quite a roll here,' he added.
From a Bloomberg News report on this: 'It's very difficult to call a top for the Canadian dollar,' said Shaun Osborne, chief currency strategist at TD Securities. 'The job number is incredibly strong. I'm somewhat surprised.'
From Toronto Star reports on this: When the Canadian dollar surged above $1.07 US, the foreign exchange team that made history by first trading it at parity in September was awestruck, says their Toronto-born boss Jeff Feig, global head of foreign exchange for Citigroup. The currency's rally Friday was kick-started by a stronger-than-expected jobs report. 'The (jobs) number in and of itself caused a big gasp,' Feig said. Canada's strong economy is precisely why the loonie will continue to defy gravity in the near term, Feig says.
The Canadian Press - Mutual funds pick up pace of recovery (2 November 2007) Canadians bought about C$2.7 billion worth of mutual funds in October, a level not seen since the month of July before the late-summer liquidity crisis, preliminary figures from the Investment Funds Institute of Canada (IFIC) show. 'Capital markets also performed well in October which contributed to the 1.14 per cent increase in assets under management for the month,' said IFIC spokesperson Pat Dunwoody.
CBC News - Canadian auto sales rise 2.1% (1 November 2007) Vehicle sales rose 2.1 per cent in October, despite predictions that a soaring loonie would lead car buyers to head south. Figures show that 120,926 cars and light trucks were sold in Canada last month—the fourth-best October the industry has recorded. That was up 2.1 per cent from October 2006. Auto analyst Dennis DesRosiers says the numbers show that Canadians bought more vehicles in Canada last month than they have in five years.
The Globe and Mail on charitable donations up in 2006 (2 November 2007) Canadians gave a record C$8.5 billion to charity last year, propelled by sturdy economic growth and a strong labour market, Statistics Canada said. The report showed an 8.3 per cent increase in gifts, up from C$7.9 billion the year before. The bump was felt in every province and territory and pushed the median donation nationwide up to C$250. The impressive jump in gifts grew at twice the rate of the economy. The federal government's 2006 budget eliminated capital gains tax on donations of publicly traded securities to charities. The government expected the measure to boost giving by C$300 million annually, but the actual increase has been closer to C$800 million, said Malcolm Burrows, head of philanthropic advisory services at the Bank of Nova Scotia. Interest from new sectors is also spurring the amount of donations. 'You see financial institutions really starting to push philanthropy now in ways that they weren't doing a few years ago,' said Walter Ross, past president of the Laidlaw Foundation. 'That's new. That really hasn't happened before.'
The Globe and Mail - Doing the downward dog - in Sanskrit (2 November 2007) In a surprise reversal of the hyper-modernization of yoga in recent years, courses in Sanskrit and ancient yoga philosophy are emerging as the latest must-have addition to yoga classes in studios across Canada.
These are a few of the news reports reflecting Canada's rising invincibility from the growing Yogic Flying groups across Canada and the Invincible America Assembly at Maharishi University of Management and Maharishi Vedic City, USA.
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