Wednesday, August 15, 2012

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Saturday, August 11, 2012

Canada surprises with big job losses in July

OTTAWA (Reuters) - Canada's economy unexpectedly lost 30,400 jobs in July in a third disappointing month for the labor market, suggesting the central bank will stay on the sidelines for longer as a global slowdown crimps growth at home.

The performance contrasts with new signs of strength in U.S. hiring and was worse than even the most bearish forecast in a Reuters survey. An average of 5,000 people lost their jobs in each of the last three months, according to the Statistics Canada data on Friday.

"It seems as if the global headwinds have caught up to the Canadian economy," said David Tulk, chief macro strategist at TD Securities.

Some of the details in the report were slightly more encouraging. The net job losses resulted from the elimination of 51,600 part-time positions, which overshadowed the 21,300 full-time jobs created. There was little change in both public and private sector employment.

Wages rose 3.9 percent in the year to July, up from 3.3 percent in June, as measured by hourly wages for permanent employees.

"The details are vaguely stronger than the headline would suggest ... However, all in all I think it's a significant disappointment for Canada and one that is likely to weigh into expectations for the Canadian dollar," said Camilla Sutton, chief currency strategist at Scotiabank.

The Canadian dollar weakened to C$0.9970 against the U.S. dollar, or $1.0030, from about C$0.9948 just before the data's release.

The jobless rate climbed to 7.3 percent from 7.2 percent, with the biggest layoffs in wholesale and retail trade and in professional, scientific and technical services.

The market had expected some 9,000 jobs to be created in July after mediocre gains of 7,300 in June and 7,700 in May.

By contrast, U.S. data last week showed that in July employers hired the most workers in five months and the number of Americans filing for jobless benefits unexpectedly fell last week.

Bank of Canada Governor Mark Carney repeated his argument for raising interest rates in an interview with the BBC in London on Wednesday but most analysts don't expect him to make a move until the third quarter of next year.

"I don't think the market ever fully believed in the Bank of Canada's fairly hawkish tone, but it certainly dampens expectations for rate hikes in Canada," said Sutton.

Carney has conditioned rate hikes on the economy growing above the trend rate, estimated at about 2 percent.

Overnight index swaps, which trade based on expectations for the policy rate, showed that traders slightly decreased the already modest probability of a rate hike in December after the data.

(Additional reporting by Andrea Hopkins, Alastair Sharp, Euan Rocha in Toronto and Alex Paterson in Ottawa; Editing by Jeffrey Hodgson)

Source: http://news.yahoo.com/canada-sheds-30-400-jobs-july-losses-part-123733507--business.html

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Republican VP pick Ryan: from young gun to top gun (reuters)

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Friday, August 10, 2012

Olympics Closing Ceremony Preview: What to Expect!

As the 2012 Olympic Games come to a close, Michael Phelps, Missy Franklin, Gabby Douglas and thousands of other athletes have victories to celebrate. (And those who fell short could use a chance to blow off steam.) So this Sunday, the London 2012 Olympic Games will go out with a bang. 

Source: http://www.ivillage.com/olympics-closing-ceremony-preview/1-a-479425?dst=iv%3AiVillage%3Aolympics-closing-ceremony-preview-479425

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US men's hoops team stands 2 games from gold

LONDON (AP) ? Now that Kobe Bryant, strangely missing, has finally joined the fun, the U.S. appears complete.

Oh, there are some major defensive flaws, but that hardly matters to this suped-up, American-manufactured scoring machine that goes from zero to 100 points in seconds.

Overpowering and dominant in a way not seen since the 1992 Dream Team, the Americans are now two wins from a second straight Olympic gold medal.

Argentina awaits.

"We're ready," Carmelo Anthony said.

Pushed by teammate Kevin Durant to "turn it on," Bryant scored 20 points ? all in the second half ? and the U.S. team stomped its way into the semifinals with a 119-86 win on Wednesday night over Australia, which scrapped as hard as it could until the world's best team put the game away.

Bryant made six 3-pointers, LeBron James racked up a triple-double with 11 points, 14 rebounds and 12 assists and the U.S. moved a step closer to gold on the 20th anniversary of the '92 team's historic rampage in Barcelona. With NBA Commissioner David Stern and two-time Olympian Dwyane Wade watching from the stands, the Americans set up a rematch in the semifinals with Argentina ? a team they buried by 29 in the preliminary round.

Unless the Argentines, with their roster of thirty-somethings, can find a way to slow down the U.S., another lopsided loss seems inevitable.

"We have maybe a five-percent chance of winning," forward Manu Ginobili said after Argentina beat Brazil 82-77 to set up a third straight meeting with the U.S. in the semifinals. "But we are going to fight for that."

Bryant had been more spectator than spectacular since coming to London. He entered the quarterfinals averaging just 9.4 points per game, touching off questions about whether he was hurt, disinterested or perhaps unable to produce the same way Anthony, Durant and James have been.

Nobody's wondering any longer.

At halftime, Anthony and Durant both pushed the man nicknamed the Black Mamba to do more, and Bryant struck back with a barrage of 3-pointers that sent the U.S. bench into a towel-waving frenzy.

"He was a little sleepy out there," Anthony said. "I guess I woke up the Mamba and he responded."

Deron Williams added 18 points, Anthony 17 and Durant 14 for the Americans, who pounded Argentina 126-97 on Monday night in their preliminary-round finale. Tempers flared in that one when Argentina guard Facunda Campazzo intentionally punched Anthony in the groin. Campazzo said he retaliated for being punched earlier by U.S. guard Chris Paul, who never denied that he took a swipe at Campazzo.

"Which time," Paul said. "We tangled 1,000 times."

Anthony doesn't expect the Argentines to play nice again.

"You just have to go out there and take them punches ? not literally," he said. "We're excited about it. Just now in the huddle we said we gotta prepare for them."

Down by 14 at halftime, Australia was determined to make it a game and scored the first 11 points of the second half, cutting the Americans' lead to three. The U.S. was only ahead by six before Bryant, who had struggled with his shot and foul trouble in previous games, finally broke out.

He made a 3-pointer, batted away a pass and chased it down along the left sideline. Feeling a rhythm that had been missing, Bryant pulled up and dropped another 3 that made it 70-58.

Two shots in 18 seconds was all it took.

Bryant was back.

"Somebody made him mad. I could see it in his eyes," Durant said. "I wanted him to kind of turn it on and that's what he did. That was the first time we've seen it here. He got so upset and when he does that he's in another world.

"It was just a matter of time."

Bryant laughed when told there were doubters back home.

The Aussies knew he was dead serious.

"Kobe got a little bit sniff," Patty Mills said. "And for great teams, that's all they need and they stretch it out."

Mills scored 26 points and Joe Ingles had 19 for Australia, which had the misfortune of running into the U.S. in the quarterfinals for the second straight Olympics.

By the time Bryant got done, even the Australian fans were cheering for him as he walked to the locker room, bumping fists with a Aussies' kangeroo mascot wearing boxing gloves.

This was another knockout, albeit one in the late rounds, for the Americans.

All that's between the U.S. and a gold medal now is Argentina, a dangerous team with swagger and experience, and a matchup with the Russia-Spain semifinal winner.

The Americans have tangled with the Spaniards before, beating them in the gold-medal game four years ago. A matchup with Russia would rekindle Cold Ward memories and the 1972 final in Munich, when the U.S. had its 63-game winning streak stopped amid a controversial ending still debated today.

The U.S. has shown moments of vulnerability in this tourney. Not many, but a few.

It came in as the team to beat, and through six games, that hasn't changed.

"We don't have no weaknesses," Anthony said. "None."

Source: http://news.yahoo.com/us-mens-hoops-team-stands-2-games-gold-042611991--oly.html

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