While U.S. housing has tanked, dragging down the credit markets, financial sector, and then consumer spending and manufacturing, solid growth in Canada's homebuilding, oil and gas, agriculture and public sectors have offset troubles in blue-collar industries.
While a noticeable slowdown is predicted for the Canadian economy this year - as the U.S. recession bights hard on Canadian exporters - that could be several months in the future. For now, the latest jobs growth spurt is defying predictions by some analysts that we will soon tip into recession as well.
The widening gap and contrasting prospects between the two economies gave a hearty boost Friday to the loonie, which quickly shot past parity on the news, then rose 1.09 cents to close at 100.02 cents US.
"I think we have to put the bears back in hibernation," said Aron Gampel, deputy chief economist with the Bank of Nova Scotia.
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http://money.canoe.ca/News/Economy/2008/01/23/4789761-cp.html
Note: http://money.canoe.ca/N...
Canadian Recession Fears Recede
Posted on Saturday, February 09 at 13:07 by N SayContributed By
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William Blake<br />
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