U.S. consumer spending jumps, but income growth tepid

March 30, 2012 under Useful Articles
Reuters  Mar 30, 2012 – 10:11 AM ET WASHINGTON — U.S. consumer spending increased by the most in seven months in February as households shook off a rise in gasoline prices, suggesting the economy may not have slowed as much this quarter as economists had thought. The Commerce Department said on Friday consumer spending rose 0.8% as spending on long lasting goods, like automobiles, rose sharply. Jan
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Budget: Highlights of the 2012 federal budget

March 29, 2012 under Useful Articles
Postmedia News March 29, 2012 2:25 PM The budget will: - Gradually raise the age of eligibility for Old Age Security from 65 to 67 beginning in 2023. - Contain no new taxes or tax increases. - Stop policing health claims on food labels. - Eliminate the penny. - Eliminate 19,200 government jobs over three years, including 600 senior executives and 7,200 through attrition. - Reform regulation in the resource industry
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Japanese retail sales rise more than expected

March 29, 2012 under Useful Articles
BBC © 2012 -  28 March 2012 Last updated at 22:26 ET Japanese retail sales rose more than expected in February, indicating that consumer confidence is improving. Retail sales rose 3.5% from the same month a year earlier, the Trade Ministry said. Analysts were expecting a jump of 1.3%. Sales were up 1.9% in January compared to the previous year. Analysts said the latest retail figures, in addition to a recover
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Interest rate jump poses threat to many B.C. homeowners.

March 29, 2012 under Home Buyer Resources, Useful Articles
By TRACY SHERLOCK, Vancouver Sun March 29, 2012 7:35 AM VANCOUVER — Just less than half of B.C. households could comfortably afford their homes if interest rates were to climb by just two percentage points, a new survey has found. The BMO Bank of Montreal survey found that while most Canadian households could survive a stress-test against the possibility of rising interest rates, one in five said a two-perce
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Jobless claims fall to four-year low

March 29, 2012 under Useful Articles
By Chris Isidore @CNNMoney March 29, 2012: 11:45 AM ET NEW YORK (CNNMoney) — In another sign of improvement in the labor market, the number of people filing for unemployment benefits once again fell to a four-year low last week. The Labor Department reported that 359,000 people filed for initial claims. That’s down from the 364,000 who sought help the previous week, a reading that was revised higher. Th
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Mortgage rates have nowhere to go but up

March 28, 2012 under Useful Articles
Garry Marr  Mar 27, 2012 – 7:22 PM ET | Last Updated: Mar 28, 2012 8:42 AM ET The logic is pretty simple. You hit rock bottom and there is no where else to go but up. Mortgage rates on terms of five years and 10 years have never been this low. You can go back 50 years and not find a rate of 2.99% from one of the major banks for a fixed-rate product for five years. The 10-year, an almost unheard of length
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Europe’s debt crisis far from over, OECD warns

March 27, 2012 under Useful Articles
Reuters  Mar 27, 2012 – 7:22 AM ET | Last Updated: Mar 27, 2012 8:08 AM ET BRUSSELS — The eurozone’s public debt crisis is not over despite calmer financial markets this year, the OECD said on Tuesday, with a warning that the bloc’s banks remain weak, debt levels are still rising and fiscal targets are far from assured. As the eurozone heads into its second slump in just three years,
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Clock is ticking on Canada’s mortgage wars

March 27, 2012 under Useful Articles
Garry Marr  Mar 26, 2012 – 6:57 PM ET | Last Updated: Mar 27, 2012 10:13 AM ET The clock is about to strike midnight for mortgages rates that have been the best deal of the past half century — at least as far as the major banks are concerned. Bank of Montreal’s recent cut-rate 2.99% five-year fixed closed mortgage is set to expire March 28 and, not surprisingly, competitors have already sign
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Housing to stay ‘moderately overpriced,’ debt ratio to rise

March 26, 2012 under Home Buyer Resources, Useful Articles
Michael Babad Globe and Mail Update Published Monday, Mar. 19, 2012 2:17PM EDT Last updated Tuesday, Mar. 20, 2012 7:35AM EDT Housing to remain overpriced Canada’s residential real estate market will remain “moderately overpriced and overbuilt” this year, pumped up by continued low interest rates, Toronto-Dominion says in a new forecast. TD believes average housing prices are overvalued at between
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Expect ‘modest’ cuts, no housing-market moves in budget: Flaherty

March 26, 2012 under Useful Articles
bill curry OTTAWA— Globe and Mail Update Posted on Thursday, March 22, 2012 12:03PM EDT Next week’s federal budget will only contain “modest” spending reductions and will be primarily focused on longer-term issues like reforming Canada’s innovation and immigration programs, says Finance Minister Jim Flaherty. Speaking to reporters Thursday exactly one week before he releases what i
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