BoC seen on hold as Canada loses jobs

The Financial Post- More proof the Canadian economy has cooled emerged Friday with labour data indicating a net 6,600 jobs were lost in September, giving the Bank of Canada additional reasons to refrain from rate hikes in the coming months.

Yet there were bright spots within the data — such as a 37,000 addition in full-time jobs — that gave analysts encouragement about the health of the Canadian economy.

The unemployment rate dropped, to 8%, although that was driven by more people opting to stop looking for a job and, among other things, return to school. Plus, the headline job loss was below the consensus call for a 10,000 gain in September…

BoC seen on hold as Canada loses jobs

BMO aims to jump-start mortgage arm

The Globe and Mail- Bank of Montreal is planning to kick its mortgage business back into growth mode, after another quarter in which it lost market share to rivals.

BMO reported a first-quarter profit of $657-million yesterday, up from $225-million a year ago, making it the third Canadian bank to consecutively top analysts expectations. Its cash earnings per share came in at $1.13, while the Street had been forecasting profit of about $1.03 per share.

The bulk of BMO’s earnings came from its Canadian lending operations, while profit from its U.S. lending business was 43 per cent lower than a year ago.

"We just had our sixth terrific quarter in a row," Frank Techar, the head of the bank’s Canadian lending arm, said in an interview.

Mr. Techar took over those struggling operations in July 2006, after a period in which the bank’s profits were suffering partially because of a strategy that sought to lure customers with cheap mortgages and high interest rates on savings accounts…

BMO aims to jump-start mortgage arm – The Globe and Mail

Canadians could face mixed messages in coming economic data.

 Canada.com – Despite some of the optimism created by the Bank of Canada’s recent assertion that the recession is over and the gains on the stock market, Canadians should be conditioned for less-than-ideal economic news after the greater-than-expected 44,500 jobs lost last month. …

Canadians could face mixed messages in coming economic data.

Commentary: A silver lining in the cloud of recession | Special Coverage | Reuters

 Reuters – USA Close to 2 million jobs have been lost in the United States this year, and mortgage delinquencies and foreclosures are at record highs. …

Commentary: A silver lining in the cloud of recession | Special Coverage | Reuters