If George Bush's Republicans lose control of the House of Representatives it won't be because of the economy, but the war in Iraq.Unemployment dropped again this past month down to 4.4 % nationally, 3.9 % for adult men and 3.8 % for women and 15 % for teenagers in the labour market.At the same time inflation continues to stay low. All good economic news which belies the claim that the American deficit and accumulated debt is wrecking the American economy. Quite the contrary it seems.
Meanwhile in Canada unemployment, despite the big slump in Ontario and Quebec manufacturing, also dropped to 6.2 % nationally, 3.9 % in Saskatchewan, 3.0 % in Alberta, 4.6 % in B.C.6.4 % in Ontario and 7.7 % in Quebec.
The unemployment rate for adult men in Alberta is now 1.8 % Alberta has produced 39 % of all the new jobs in Canada so far this year.If you add in Saskatchewan's total the two provinces account for close to 50% of all the new employment so far this year.
Now if the Bank of Canada could be convinced to cut interest rates gradually over the coming months 25 basis points at a time to 3.0 % we would have a good shot of pushing national unemployment down to 5.5 % or at the very least countering the manufacturing slump.More on this tomorrow.
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