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Good news report from Canada
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7 August 2007
25 July was the 25th day of the first month of the 2nd year of Canadian national consciousness rising to invincibility, as indicated by the following press reports:
25 July 2007
The Globe and Mail - Retail sales shatter forecasts (24 July 2007) Retail sales rose the most in nearly a decade in May, soaring at five times the expected pace and prompting economists to boost their economic growth forecasts. Sales rose 2.8 per cent in the month to about C$35-billion, with gains in seven of eight retail sectors, Statistics Canada said. Consumers flocked to shops amid strong job creation, warm weather, and wage gains. It's the fourth month in a row of gains, supporting the Bank of Canada's view that domestic demand is driving economic growth. In total, the second quarter of this year is shaping up to be the strongest quarter of consumer spending since the end of 2001, said Jacqui Douglas, economics strategist at TD Securities. The 'incredibly strong retail sales report will certainly give a boost to the May and second-quarter gross domestic product figures,' she said. Sales in Quebec surged 4.9 per cent, the strongest growth since 1998. The province has added a astounding 70,000 jobs this year, sending its jobless rate to a record low last month. 'Quebec retailers have been enjoying consecutive monthly sales growth since November 2006 in the midst of historically low unemployment rates and healthy employment gains, especially in full-time employment,' the report said. The auto sector gained 4 per cent, extending gains of recent months. The building and outdoor home supplies stores sector soared 6 per cent—the largest increase since 2003, while sales in clothing and accessories stores rebounded 4.6 per cent.
From a Toronto Star report on this: 'New Brunswick was up 5.4 per cent. And all provinces posted gains,' said Douglas Porter, an economist with BMO Capital Markets. 'The mighty loonie [Canadian dollar] certainly hasn't cooled red-hot domestic demand, which was evident in spades today,' said Ritu Sapra, an economist with TD Bank Financial Group.
From a Bloomberg News report on this: Ted Carmichael, chief Canadian economist for J.P. Morgan Securities in Toronto, today raised his forecast for economic growth in the second quarter to 3.3 per cent from 3 per cent. 'While a good month was anticipated, this was a blowout,' Avery Shenfeld, senior economist at CIBC World Markets in Toronto, said.
From a National Post report on this: 'The retail sales report for the month of May blew well past even the most optimistic forecasts...,' said Jacqui Douglas at TD Securities. 'And, consumer expenditures is sure to be the shining star of the Q2 GDP report.'
The Globe and Mail - Loonie rockets past 96 cents (24 July 2007) The Canadian dollar soared more than a cent after a much stronger-than-expected retail sales report buoyed optimism about the Canadian economy.
The Globe and Mail - Consumers fuel dollar's rise to new heights (25 July 2007) The Canadian dollar reached a 30-year high, after Statistics Canada reported a massive increase in retail sales in May. The loonie [popular name for the Canadian dollar] is being propelled to new heights by consumers on an employment-fuelled bender that is driving economic growth and confounding pessimists. But the strength of the consumer goes far beyond a one-month shopping spree. Canadians have been purchasing cars, houses, retail goods, and services in ever-increasing numbers for years now, surprising economists who have frequently anticipated a tapering-off of the buying activity. Not since the late 1980s has consumer spending been so robust for so long. And this time, the spree looks as if it will last even longer, perpetuated by low unemployment, rising wages, a strong currency, increasing demand for commodities, and a strong stock market. Several economists boosted their forecasts yesterday for second-quarter growth in Canada to an annualized 3 per cent or more, after seeing the retail sales report. The employment boom has pushed Canada's jobless rate down to generational lows. 'That, first and foremost, gives consumers a really strong baseline of confidence,' said Peter Woolford, vice-president of policy development and research of the Retail Council of Canada. Adding to that is solid growth in personal income, he said.
From a CBC News report on this: 'This massive gain confirms that the Canadian consumer is on a roll, backstopping evidence from soaring home and auto sales,' said BMO Capital Markets economist Douglas Porter.
Canadian Press - Annual gain in retail sales matches nine-year high in 2006: StatsCan (25 July 2007) Retail sales matched their highest year-over-year gain of the last nine years in 2006 as all major commodity groups recorded healthy growth rates. Statistics Canada reports retail sales in 2006 increased 6.4 per cent from 2005. Sales hit C$390.6 billion in 2006, the equivalent of C$11,974 in spending for every Canadian.
From a National Post report on this: Consumer spending was the biggest contributor to economic growth last year. 'Low interest rates, a strong Canadian dollar, relatively favourable prices for most goods and services, ongoing job creation and a 6.2-per cent increase in disposable income kept consumer confidence levels high in 2006,' Statistics Canada said in a year-end review of retail sales. The trend seems likely to continue, analysts suggest, especially after May retail sales blew past all expectations. 'This is a trans-Canada phenomenon,' said Peter Woolford of the Retail Council of Canada. Woolford said the industry expects strong sales growth through the rest of the year at least.
The National Post - Federal government boasts big surplus (25 July 2007) Only two months into the current 2007-08 fiscal year, the federal government was running a budget surplus of C$3.5-billion, C$200-million more than the C$3.3-billion surplus projected for the year as a whole in the March budget. The report was issued hours after a major Canadian bond-rating agency confirmed the government of Canada's gold-plated credit rating. In confirming its AAA rating, DBRS [Dominion Bond Rating Service, one of Canada's two rating agencies] noted also that the outlook for the rating remains stable thanks to Canada's strong fiscal and economic performance, citing the rapid reduction in federal debt. 'At 28% of GDP, the debt burden of the country continues to decline rapidly, down from 56% only 10 years ago,' it said. DBRS said it expects that Canada's credit profile will continue to be excellent, supported by prudent fiscal and monetary management, and a strong economy.
From a Canadian Press report on this: With the economy booming and unemployment at a 33-year low, the fiscal year got off to a quick start in April for the federal government with revenues increasing 10.6 per cent, or C$2 billion. The big haul came from corporate income tax revenues, which increased 44.6 per cent in April, from last year.
Canadian Press - Most products record increases as farm commodity prices rise in May (25 July 2007) Statistics Canada reports that prices for crops were 10 per cent higher in May than they were in May 2006, the ninth straight such increase and the seventh consecutive double-digit rise.
CBC News - Canada resumes funding to the Palestinian Authority (23 July 2007) Canada has resumed its financial support of the Palestinian Authority with an immediate contribution of C$8 million. 'In light of the new Palestinian government's commitment to non-violence, recognition of Israel, and acceptance of previous agreements and obligations, and in recognition of the opportunity for a renewal of peace efforts, Canada will provide assistance to the new Palestinian government,' Foreign Affairs Minister Peter MacKay said. An additional C$1 million will go to the International Committee of the Red Cross for humanitarian assistance.
Reuters Canada - Canada seeks to break IMF deadlock on voting power (23 July 2007) Canada has introduced a proposal on how to increase the voting power of rapidly-growing countries that have contributed to world growth, such as China, India, Mexico, Turkey, South Korea, and Vietnam. It also slightly increases the voting shares of poor countries. The proposal also tries to capture future developments in the world economy. Under this scenario, the voting power of Australia, Brazil, Indonesia, Philippines, and others would be increased.
From a 24 July Reuters Canada report on this: Canada's proposal aims to build a consensus on reform ahead of the annual IMF meeting in October, a spokesman said. Last September, Finance Minister Flaherty strongly backed a push to give a stronger voice to developing countries, saying it was needed in order for the IMF to regain legitimacy and effectiveness. The new proposal appeared to have support among developing nations calling for more power.
Canadian Press - Canada signs energy science and technology agreement with Mexico and U.S. (23 July 2007) Canada has signed an energy innovation agreement with the United States and Mexico to fuel joint developments that seek cleaner and more efficient ways to use energy. Mexico's Secretary of Energy Georgina Kessel said the agreement allows the three countries to co-operate on energy initiatives that include hydrogen and fuel cells, carbon dioxide capture and storage, biofuel production, 'small-scale hydro power and energy efficiency technologies.' Natural Resources Minister Gary Lunn said Canada's eco-energy initiatives are seeking to break through to a new era of low or zero fossil-fuel emissions. He cited Canadian efforts exploring wind, solar, biomass, and tidal power. Lunn also said the average home has 25 devices that operate on standby power and the government will introduce measures to convince Canadians to unplug their TVs, etc., an effort that could save enough energy to power 400,000 homes.
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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