Word: deficits
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...July 21, Alabama Republican Spencer Bachus thanked him for his "willingness to make yourself available on countless numbers of occasions." Since February, the Fed chairman has been called to testify about Bank of America's takeover of Merrill Lynch, the government's bailout of AIG, the federal budget deficit, the Fed's various new lending programs and the economic outlook. He has also taken to penning occasional Op-Ed pieces - today he has one in the Wall Street Journal explaining the Fed's "exit strategy" once it decides it's safe to take the economy off life support. (Read...
...sharp drop in demand for Alberta oil, plus auto-plant shutdowns in Ontario, have pushed Canada's trade deficit for May to an all-time high of $1.2 billion. This is in contrast to to a much smaller merchandise-trade deficit of $346 million reported in April and a healthy surplus of $979 million in March, according to the government agency Statistics Canada. (See 10 things to buy during the recession...
...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 and a rebound in consumer...
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...
Economists predict a contraction in the Canadian economy of between 1.4% and 1.9% this year, followed by tepid growth of 2.4% to 2.7% in 2010. If Canada hopes to get back on the road to recovery, not only will it have to erase its burgeoning trade deficit, but just as important, the country's volume of trade will have to make up for lost ground in 2009. Right now, achieving either looks to be a long...