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21 October 2008
10 October was the 10th day of the fourth month of the 3rd year of Canadian national consciousness rising to invincibility, as indicated by the following press reports:
10 October 2008
The National Post - Canada sets record for creating jobs (10 October 2008) The Canadian economy created a record 107,000 new jobs in September, defying predictions of economists who expected only one-tenth as many. Statistics Canada said that it has never recorded such a large one-month gain since it began collecting this data in 1976. (The previous record was January 2002, when 97,000 jobs were added.) Wage growth was also strong. Year-over-year wage growth stood at 4.6 per cent in September (up from 3.8% in August)
From a Canadian Economic Press report on this: The service sector added 60,600 jobs in September. The goods producing sector, meanwhile, was up by 46,300, with manufacturing showing the strongest increase ( 19,700).
From a Canadian Press report on this: The September employment report is surprising in a number of areas, including large job creation in Ontario and Quebec, at the centre of the slowdown in manufacturing. Ontario gained 52,000 jobs in September, while Quebec added 32,000, as the month saw a surprising pickup of 19,700 factory jobs (or one per cent of their workforce, erasing their loss for the year).
From a CBC News report on this: Employment increased across a number of industries. Canada's decent job market might be a sign that the country has some economic legs despite the worldwide financial meltdown.
From a Reuters Canada report on this: Even the rise of 10,000 in full-time jobs exceeded the increase in total employment foreseen in a Reuters survey of analysts. Economists called the Canadian jobs report 'resoundingly positive' and 'impressive'. Derek Holt, an economist at Scotia Capital, said, 'I think it does suggest, at least in the very short term, resilience in the Canadian economy, certainly on the jobs side of the picture.' The headline number on the jobs report, followed by a solid trade surplus figure, seemed to defy concerns that global forces could sweep up Canada's relatively healthy banking system and push its economy into a sharp downturn.
The Canadian Economic Press on economists welcome job gains (10 October 2008) BMO deputy chief economist Doug Porter said the record-breaking number of new jobs defies 'not just the conventional wisdom but gravity as well. . . . This report drums home the point that the Canadian domestic economy carried much firmer momentum heading into the storm than many other nations,' Porter said. To say that this morning's jobs report far exceeded expectations would be an understatement, said TD economist Dina Cover. RBC assistant chief economist Paul Ferley noted that the rise in employment was relatively broadly based. He said the robust hiring 'is encouraging in the face of the rising credit tightening playing out in financial markets globally'.
From a CBC News report on this: Steve Butler, the director of foreign exchange trading at Scotia Capital, described the job numbers as 'a shocker and totally out of the blue'. Butler said he was on the trade floor in Toronto when the job numbers were released, and that 'jaws dropped to the ground it was so dramatic'.
From a Globe and Mail report on this: 'There's no poking holes in this report, as Canadian job gains were resoundingly impressive across the board and more than 10 times the pace expected by consensus,' commented economists at Bank of Nova Scotia.
Canwest News Service - Canadian trade surplus widens (10 October 2008) Canada's merchandise trade surplus with the world soared more than expected to C$5.8 billion in August, Statistics Canada reported. Exports to the US fell 3.9%, while imports dropped 5.8%, boosting the surplus with the country's main trading partner to C$8.6 billion from C$8.4 billion. Exports to countries other than the United States increased 6%, while imports from them dropped 5.9%, narrowing Canada's trade deficit with those countries to C$2.8 billion from C$4.2 billion. 'The dynamics in this report are probably positive for GDP . . . ,' noted TD Securities analyst Charmaine Buskas.
From a Canadian Economic Press report on this: The surplus was well above the C$4.4 billion consensus estimate of analysts and up sharply from the July surplus of C$4.2 billion.
CBC News - New housing prices rising fastest in St. John's: Statistics Canada (10 October 2008) New house prices in Canada rose by 2.3 per cent in August compared with the same month a year earlier, with prices rising fastest in St John's, Newfoundland and Labrador, says Statistics Canada. The New Housing Price Index shows St John's with an annual price increase of 23.7 per cent. Regina had the second-highest annual increase at 23.1 per cent. In Toronto, prices were 3.4 per cent higher than in August last year, and 4.1 per cent higher in Ottawa-Gatineau. In Quebec, the growth rate accelerated to 6.1 per cent, while in Montreal, prices increased 5.2 per cent. Meanwhile, prices in Halifax were 7.2% higher than in August last year, 4.0% higher in St Catharines-Niagara and up 6.7% in Winnipeg.
The Canadian Economic Press - Finance Minister Flaherty, BOC Governor Carney say Canada supports G7 action plan (10 October 2008) Finance Minister Jim Flaherty called Friday's G7 meeting in Washington, D.C. 'historic' and supported a proposal to review the global financial system. He called the G7's five-point, joint-action plan 'a clear plan of action'. The five directives are aimed at stabilizing financial markets and restoring the flow of credit to support economic growth. Also on Friday, Bank of Canada Governor Mark Carney said the bank has already provided a lot of liquidity but it will 'provide more' if necessary'. Sherry Cooper, global economics strategist at BMO, reiterated that the underlying fundamentals of Canada's economy are strong and the nation's banks are the soundest in the world.
The Globe and Mail - Dollar's decline offers relief (10 October 2008) A sharp decline in the Canadian dollar has tilted the export market back in favour of Canadian manufacturers, as well as throwing a break the way of consumers with an accompanying drop in energy prices. It represents something of a balm for hard-pressed manufacturers, who, until recently, had struggled with both sky-high energy costs and a lofty dollar. 'This certainly is a gift to Canadian manufacturers . . . ,' said Patricia Croft, Toronto-based chief economist with Philips, Hager & North investment managers. Dale Orr, economist with Global Insight Inc., said manufacturers will see an improvement in their competitiveness from the falling loonie [popular name for the Canadian dollar] and lower oil prices.
The Globe and Mail - How prairie farmers got their second wind (10 October 2008) Pincher Creek, Alberta is home of the highest concentration of electricity-generating windmills in the country. In southwestern Alberta, as in other regions including the Gaspé peninsula in Quebec, the Shelburne area northwest of Toronto, and the North Cape of Prince Edward Island, wind turbines have become important contributors to the local economy. But nowhere are they as ubiquitous as in the area surrounding Pincher Creek, where towers have now become part of the social fabric thanks to the more than 200 turbines that have sprung up over the years. The economic contribution of the wind industry to the town of Pincher Creek is far-reaching, said Mayor Gary Mills. Most people employed by the wind companies live in town, local contractors are hired to build and maintain the windmills, and the industry has even become a tourist draw. More importantly, the wind industry will be a long-term player even when the carbon-based energy sector wanes, something that is inevitable, Mr Mills said. 'As you move down the road, you know that the oil and gas industry is not going to be here forever. But the wind will be here forever, so we have to exploit that,' he said.
The wind projects also generate significant income for those who have turbines on their property and collect rental payments from the wind farm operators. Curtis Sinnott's family farm near Pincher Creek has five wind turbines, with another 15 planned. Each generates $2,500 to $3,500 a year for Mr Sinnot. Southwestern Alberta is not the only part of the country that has seen its economy benefit from a flurry of wind power development. Quebec's Gaspé region, for one, has more than 200 turbines as well. And Hydro-Quebec will buy wind power only from developers that spend 60 per cent of their costs in the province, spurring several companies that make or assemble wind turbine equipment to locate in Quebec. 'Quebec might become the manufacturing centre in Canada for wind energy because of this policy,' said John Keating, CEO of wind developer Canadian Hydro Developers.
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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