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mindmetoo
Joined: 02 Feb 2004
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 Posted: Sun Apr 16, 2006 5:24 pm Post subject: Anyone been paying attention to the Canadian economy? |
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Record low unemployment. Full employment according to many economists (basically if you want a job, there is a job available). Record current account surpluses. Newfoundland reported a budget surplus. Seriously. Sub 4% unemployment rates in BC and Alberta. Alberta no mystery there but BC has been sloshing around in a pot-induced economic haze since 1993. Most of the job growth isn't in the Wal-mart sector but in what economists and people with BAs call "good jobs".
Unless the BRIC economies all go bust and oil drops below $55, the good times should continue for some time. (If history holds we'll see a run between 2006 and 2011.)
In short, if you're Canadian, a freshly minted BA, don't think you're unemployable these days back in Canada. Consider moving home next year. |
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RachaelRoo
Joined: 15 Jul 2005
Location: Anywhere but Ulsan!
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| Posted: Sun Apr 16, 2006 5:31 pm Post subject: |
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Definitely an interesting situation. However, as far as the job creation actually involving "good jobs" as opposed to labour jobs, I'm not so sure. Maybe in specific sectors, but for a B.A. graduates with limited experience, I'm still hearing from back home that the job market isn't great.
Sometimes stats are thrown off by extreme growth in a few sectors while most locations and fields of employment aren't doing so well. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Sun Apr 16, 2006 5:44 pm Post subject: |
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| RachaelRoo wrote: |
| Definitely an interesting situation. However, as far as the job creation actually involving "good jobs" as opposed to labour jobs, I'm not so sure. Maybe in specific sectors, but for a B.A. graduates with limited experience, I'm still hearing from back home that the job market isn't great. |
Well, no one is going to make you a marketing manager. However, your chance of getting a "foot in the door" job is probably a lot better right now. That's the real key. |
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RachaelRoo
Joined: 15 Jul 2005
Location: Anywhere but Ulsan!
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| Posted: Sun Apr 16, 2006 5:56 pm Post subject: |
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| mindmetoo wrote: |
| RachaelRoo wrote: |
| Definitely an interesting situation. However, as far as the job creation actually involving "good jobs" as opposed to labour jobs, I'm not so sure. Maybe in specific sectors, but for a B.A. graduates with limited experience, I'm still hearing from back home that the job market isn't great. |
Well, no one is going to make you a marketing manager. However, your chance of getting a "foot in the door" job is probably a lot better right now. That's the real key. |
I'm still not convinced. I often see articles in major Canadian newspapers with a heading like "Canadian Economy Booming/Roaring/Strongest in Decades, says TD/CIBC/Royal Bank, etc. Economist".
The Canadian papers almost always quote bank employees for economy related articles. Well of course the banks want you to think now is the best time to rush in and invest in their products! Although there may be some truth behind what they say, it's very slanted.
I'm not saying that your source is one of these articles, I'm just suggesting caution with some of this optimism. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Sun Apr 16, 2006 8:07 pm Post subject: |
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| RachaelRoo wrote: |
| mindmetoo wrote: |
| RachaelRoo wrote: |
| Definitely an interesting situation. However, as far as the job creation actually involving "good jobs" as opposed to labour jobs, I'm not so sure. Maybe in specific sectors, but for a B.A. graduates with limited experience, I'm still hearing from back home that the job market isn't great. |
Well, no one is going to make you a marketing manager. However, your chance of getting a "foot in the door" job is probably a lot better right now. That's the real key. |
I'm still not convinced. I often see articles in major Canadian newspapers with a heading like "Canadian Economy Booming/Roaring/Strongest in Decades, says TD/CIBC/Royal Bank, etc. Economist".
The Canadian papers almost always quote bank employees for economy related articles. Well of course the banks want you to think now is the best time to rush in and invest in their products! Although there may be some truth behind what they say, it's very slanted.
I'm not saying that your source is one of these articles, I'm just suggesting caution with some of this optimism. |
Well, unless you want to be a lifer in Korea, you have to start somewhere. An economy with a 22 year unemployment low, federal/provincial/current account surpluses, lower taxes, low inflation, and a good prime interest rate is about the best possible world to start your Canada-side career. The worst thing you want to do is give up the Korea game and head back to Canada during a recession.
Is there another set of generally accepted economic indicators in your book that would otherwise indicate the Canadian economy isn't clicking of full cylinders? |
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canuckistan
Mod Team
Joined: 17 Jun 2003
Location: Training future GS competitors.....
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| Posted: Sun Apr 16, 2006 10:28 pm Post subject: |
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| The Canadian economy has been humming along for a while now. The Liberals didn't do such a bad job hey. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Sun Apr 16, 2006 10:42 pm Post subject: |
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| canuckistan wrote: |
| The Canadian economy has been humming along for a while now. The Liberals didn't do such a bad job hey. |
That was my point. When the American economy went into the toilet in 2001, Canada's grew. When was the last time that ever happened? Usually America goes into the toilet and Canada goes down the toilet, into the sewer, and out into the ocean. The Liberals turned in budget surplus after budget surplus all the while lowering taxes... Bush lowered taxes and ran America into record deficits. Yi ha, pardner. |
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Yu_Bum_suk
Joined: 25 Dec 2004
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| Posted: Sun Apr 16, 2006 11:26 pm Post subject: Re: Anyone been paying attention to the Canadian economy? |
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| mindmetoo wrote: |
In short, if you're Canadian, a freshly minted BA, don't think you're unemployable these days back in Canada. Consider moving home next year. |
... and getting your trade papers to be a plumber, welder, or electrician. |
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canuckistan
Mod Team
Joined: 17 Jun 2003
Location: Training future GS competitors.....
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| Posted: Mon Apr 17, 2006 12:22 am Post subject: |
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| mindmetoo wrote: |
| The Liberals turned in budget surplus after budget surplus all the while lowering taxes... Bush lowered taxes and ran America into record deficits. Yi ha, pardner. |
I think there's a good chance Harper, Bush's right wing philosophical cousin, will do the same. Remember the fiscal hangover the last Tory gov't left us with? |
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ddeubel
Joined: 20 Jul 2005
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| Posted: Mon Apr 17, 2006 12:39 am Post subject: |
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Yeah, I would get out now while there is still a chance......the PCs, the politically correct gang of money grubbers will ruin it in a wink.....too many hands in the pot with these types. And we thought Mulroney was bad -- just wait. They will fuzz everything up all in the name of American style "redistribution" of wealth.
DD
So I don't pay much attention to the American (opps, Canadian ) economy. Stick a fork in our ass, turn us over, we are done. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Mon Apr 17, 2006 4:25 am Post subject: Re: Anyone been paying attention to the Canadian economy? |
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| Yu_Bum_suk wrote: |
| mindmetoo wrote: |
In short, if you're Canadian, a freshly minted BA, don't think you're unemployable these days back in Canada. Consider moving home next year. |
... and getting your trade papers to be a plumber, welder, or electrician. |
Oi. If you have any trade applicable to the oil industry you can rake in the cash in Alberta these days. |
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Moldy Rutabaga
Joined: 01 Jul 2003
Location: Ansan, Korea
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| Posted: Mon Apr 17, 2006 6:13 am Post subject: |
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The Mulroney government was in some economic respects more left-wing than the Chretien Liberals. They inherited the banana-republic finances of the Trudeau regime and did little to stop its problems until Chretien finally was forced into cutbacks. Not sure that Harper will change things much either way, partly because he's in a minority government, and secondly because we overestimate how much power Canadian government has over the overall economy of the country.
I graduated from my first degree in '90-91. I spent five years floundering around in Alberta looking for steady work. Then I went to university in Newfoundland in '96 and the economy started to boom after I left. Then I came back to Alberta around '01 and times were tougher again, and I couldn't find work. Then, as soon as I came to Korea in '03, the economy went into hyperdrive and my student loan became more and more expensive to pay off. There are some things in life I've given up trying to understand. All I know is that Alberta really should pay me to stay away; if I moved home, it is certain that the economy would fail again.
Ken:> |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Mon Apr 17, 2006 3:42 pm Post subject: |
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| Moldy Rutabaga wrote: |
All I know is that Alberta really should pay me to stay away; if I moved home, it is certain that the economy would fail again.
Ken:> |
Dude, here I thought I was the master of bad timing. I had a million dollars in stock options vest shortly after the dot.com bust. They sure weren't worth a million after that. And then I moved back to Canada from the US with a butt load of US dollars, right when the Canadian dollar surged to 20 year highs...
Yeah.
There was a theory the Mulroney government made a conscious effort to bring Canada to the point of bankruptcy. The reason, to convince people we could no longer afford the social welfare state. It allowed the Mulroney government to cut program after program. If you think about it, that's pretty much what happened. Not many people today in Canada believe in universality, the state taking care of you, etc. |
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Manner of Speaking
Joined: 09 Jan 2003
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| Posted: Mon Apr 17, 2006 6:20 pm Post subject: |
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| Moldy Rutabaga wrote: |
| The Mulroney government was in some economic respects more left-wing than the Chretien Liberals. They inherited the banana-republic finances of the Trudeau regime and did little to stop its problems until Chretien finally was forced into cutbacks. Not sure that Harper will change things much either way, partly because he's in a minority government, and secondly because we overestimate how much power Canadian government has over the overall economy of the country. |
That's only if you assume that deficit spending is a characteristic of center/left governments. The examples of right-winged governments advocating "fiscal restraint" while spending the government into the ground - or underfunding government by cutting taxes to the wealthy - abound. Mulroney, Reagan, Bush, Bush, Saskatchewan under the Conservatives, to name a few. |
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canuckistan
Mod Team
Joined: 17 Jun 2003
Location: Training future GS competitors.....
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| Posted: Mon Apr 17, 2006 6:43 pm Post subject: |
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| The examples of right-winged governments advocating "fiscal restraint" while spending the government into the ground - or underfunding government by cutting taxes to the wealthy - abound. |
Yeah, funny how they're supposed to be all about "less government" but they'll spend like drunken sailors and cut a big pile of taxes for Big Business (ie: their friends and fellow board members).
You know sometimes I wonder if the Conservatives do this on purpose to saddle the next gov't (the opposition--because usually the polls make it clear they've overstayed their welcome) with huge deficits just to put them in the *beep*.
As far as I know, the last 10 years of bi-national politics, the Dems in the US and the last Lib gov't left the country with budget surpluses while Conservatives have worked hard at bankrupting everyone's future.
Go figure. |
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