US Unemployment Climbs to 6.7 Percent
The US Labor Department announced this morning that 533,000 jobs were lost in November – the highest single-month loss in 34 years and driving unemployment up to 6.7 percent. More
Canada Sheds 70,600 Jobs
Canada’s unemployment rate rose to a two-year high of 6.3 percent in November – up from 6.2 percent the month before – as the economy lost 70,600 jobs, mostly in the battered manufacturing sector. Analysts are predicting this will prompt the Bank of Canada to cut interest rates by fifty basis points. More
British PM Brown Warns Banks to Cut Lending Rates
British Prime Minister Gordon Brown has served notice to the nation’s commercial banks that he expects them to pass on lending rate cuts after yesterday’s one percent reduction by the Bank of England in the benchmark lending rate. Last month, the Bank of England delivered a surprise 1.5 percent rate cut which was only passed on to consumers after much government insistence. More
Dollar Likely to Weaken on Poor Employment News
Analysts say it is likely that the dollar will lose against the euro today as US unemployment climbed to 6.7 percent. more
