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US: Signs of stabilization in labour markets
Tue, Nov 3 2009, 09:22 GMT
by Economic and Strategy Team
There are encouraging signs of stabilization in U.S. labour markets. The ISM report showed factory activity rising to a 43-month high of 55.7 in October. The most pleasant surprise of the report was the improvement of the employment component of the index. As today’s Hot Chart shows, that component rose to 53.1 in October, well above the level of 49.7 that is generally consistent with factory job creation.
What’s encouraging is that this growth signal is comes just on the heels of the GDP report which showed the economy expanding 3.5% in Q3. It is worth keeping in mind that it took no less than 26 months after the end of the 2001 recession to see the ISM employment index rise to the level where we stand today. The threat of another “job-loss” recovery is ebbing. Our long-held view that job creation will return before the end of the year remains on track.
Published on Tue, Nov 3 2009, 09:24 GMT
National Bank of Canada
| 1100 University, 11th floor Montreal (Québec) H3B 2G7
http://www.nbc.ca/ | info@nbc.ca
Legal disclaimer and risk disclosure
This presentation may contain certain forward-looking statements about the 2009 Economic and Financial Outlook. Such statements are subject to risk and uncertainties. Actual results may differ materially due to a variety of factors, including legislative or regulatory developments, competition, technological change and economic conditions in Canada, North America or internationally. These and other factors should be considered carefully and readers should not rely unduly on National Bank of Canada’s forward-looking statements. This presentation may not be reproduced in whole or in part, or further distributed or published or referred to in any manner whatsoever, nor may the information, opinions or conclusions contained in it be referred to without in each case the prior express consent of National Bank.Related reports
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