Word: canadas
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...plummet - manufacturers axed 25,700 jobs in June as the automotive industry extended its downward spiral - and the Canadian loonie has climbed to nearly US$0.90 from a low of US$0.78 earlier in the year. The hollowing-out of manufacturing in Ontario, combined with a strong currency, means Canada's export sector is taking a beating not seen in decades, with no sign of relief on the horizon...
...Canada's economy suddenly cratering? Many in Canada blame the U.S., the country's biggest trading partner, whose bankrupt car companies have thrown a wrench into the domestic automotive industry. At the same time, continued contraction of the U.S. economy means energy exports are suffering. (Canada is the biggest supplier of foreign oil to the U.S. economy, ahead of Saudi Arabia and Venezuela.) Year-over-year energy exports tanked 54%, to $4.8 billion, for the month of May, and automotive exports fell 38%, to $2.67 billion. Total year-over-year exports declined 33%, to $25.3 billion...
...Things are really bad here in Canada," says Jayson Myers, president of Canadian Manufacturers & Exporters, the country's largest trade and industry association. "Our manufacturing and export performance is the worst it's been since the end of World War II." He points to a 30% reduction in manufacturing orders over a six-month period ending in March 2009 and a loss of 221,000 manufacturing jobs in the past 12 months as evidence of the deepening crisis...
...volumes, which crushed trade receipts. As a result, second-quarter GDP is expected to contract 3.1% on an annualized basis, according to the Toronto-based investment dealer CIBC World Markets. "I wouldn't be surprised if June was as bad as May," says CIBC economist Krishen Rangasamy, referring to Canada's trade deficit. He expects the country's balance of trade to begin improving in the fourth quarter, with annualized GDP growth of 2.5% and 2.1% in Canada and the U.S., respectively. That sounds promising, but it's largely predicated on a successful restructuring of GM and Chrysler...
Economist David Rosenberg, of investment firm Gluskin Sheff & Associates in Toronto, says Canada's trade deficit is the result of an overvalued loonie bumping up against a lingering downturn in U.S. consumer spending. "The Canadian dollar's overvaluation is a major impediment to the manufacturing sector," says Rosenberg, former chief economist at Merrill Lynch in New York City, noting that the loonie has overshot its real value by about...