Blogs & Comment

A few more thoughts on jobs and a new service for unemployed execs...

The bad news on jobs is even worse in the U.S. I see the Labor Department says the U.S. economy lost another 524,000 jobs in December, enough to boost the unemployment rate to 7.2 million, and the largest number since the Second World War. Ouch. Its official. The real economy in the U.S. is in freefall. There are a lot of people looking to Obamas stimulus package as a cure for this. But its interesting to note today that New York Times columnist and Nobel-laureate economist Paul Krugman says the package Obama has outlined do enough to keep the economy from unravelling, so steep is the drop-off in economic activity. Were moving into the most turbulent part of this thing in terms of real economic effects, and its getting scary. Lets just hope the stock market begins looking through the bad news at some point and begins pricing in a recovery. In fact, this is already happening says Jeff Rubin, CIBC World Markets chief economist and chief strategist. In his latest portfolio strategy report released this morning he says, The bad news is that we are in a recession, and a fairly deep one at that. The good news is that the stock market has already discounted a depression. Hes calling the TSX at 11,000 by the end of the year. So thats good news. Though, it is likely of little comfort to those who have lost their jobs as a result of the economic turbulence. For those affected by the jobs cuts, a reader has brought to my attention a new networking group for mid-level executives looking for work, HAPPEN. I cant vouch for the service, as Ive only just been made aware of it. But considering todays job numbers, the services might be something many professionals might like to look into. Theyve set up weekly meetings in Mississauga, Burlington, Toronto and Vancouver. Heres the link to their site: http://www.happen.ca/