{"id":10060,"date":"2015-07-15T06:11:56","date_gmt":"2015-07-15T11:11:56","guid":{"rendered":"http:\/\/olduvai.ca\/?p=10060"},"modified":"2015-07-15T06:11:56","modified_gmt":"2015-07-15T11:11:56","slug":"is-canada-next-recession-is-quite-contained","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=10060","title":{"rendered":"Is Canada Next? Recession Is \u201cQuite Contained\u201d"},"content":{"rendered":"

Is Canada Next? Recession Is \u201cQuite Contained\u201d<\/a><\/h3>\n

\u201cIn the current context, if you look at the growth numbers, the recession is effectively in the goods sector, it\u2019s in the oil industry, it\u2019s weak growth in manufacturing, weak growth in construction,\u201d explained Kevin Page, Canada\u2019s former parliamentary budget officer, a watchdog role charged with analyzing the state of the economy and government finances.<\/p>\n

\u201cIt\u2019s quite contained,\u201d he told\u00a0CBC radio<\/u><\/a>, with an eerie echo of the Fed\u2019s description of the US housing bust in the early stages of the Financial Crisis. There\u2019s \u201cstill lots of growth in the service sector,\u201d he said.<\/p>\n

That\u2019s what everyone is hoping. And it would just be a technical recession \u2013 two consecutive quarters of negative growth \u2013 rather than an official recession.<\/p>\n

There wasn\u2019t a lot of room for optimism. The economy shed 6,400 jobs in June, according to\u00a0Statistics Canada<\/u><\/a>, with gains in full-time jobs and losses in part-time jobs. The unemployment rate remained at 6.8%, same since February. But there are numerous indications that contractors, which do much of the work in the oil patch, are still working, but a lot fewer hours, and that this deterioration, in Calgary for example, hasn\u2019t been fully captured by unemployment statistics.<\/p>\n

\u201cIf you look at the job picture, it\u2019s gotten progressively weaker through the summer,\u201d Page said. \u201cI think that would be a concern for the government and a concern for the overall strength of our economy.\u201d<\/p>\n

\u201cThe economy\u2019s weak, you can\u2019t deny that,\u201d Page added. \u201cIt will be pretty hard for Minister Oliver to keep that line that we\u2019re not in a technical recession.\u201d<\/p>\n

Which is exactly what Finance Minister Joe Oliver has been \u201cadamant\u201d in denying, according to CBC. He referred to the 96,000 full-time jobs created so far in 2015 and cited, of all things, the IMF, which \u201cconfirmed what I and numerous independent analysts have been saying \u2013 the Canadian economy will grow this year.\u201d<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

<\/h3>\n","protected":false},"excerpt":{"rendered":"

Is Canada Next? Recession Is \u201cQuite Contained\u201d \u201cIn the current context, if you look at the growth numbers, the recession is effectively in the goods sector, it\u2019s in the oil industry, it\u2019s weak growth in manufacturing, weak growth in construction,\u201d explained Kevin Page, Canada\u2019s former parliamentary budget officer, a watchdog role charged with analyzing the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[103,7199,418,2285,7197,1264,1936,4254,4255],"class_list":["post-10060","post","type-post","status-publish","format-standard","hentry","category-economics","tag-canada","tag-cbc-radio","tag-imf","tag-joe-oliver","tag-kevin-page","tag-recession","tag-statistics-canada","tag-wolf-richter","tag-wolfstreet"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10060"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10060\/revisions"}],"predecessor-version":[{"id":10061,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10060\/revisions\/10061"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}