Things are getting better in the US and Canada. Jobs are still going to be shed, but in some of the tougher parts of the country like NYC, SF, Seattle, Austin, etc, things are certainly slowing and even showing signs of improvement (there are definitely companies hiring and getting great people at a good price). Canada’s banking sector is the strongest in the world and continues to be able to loan more money than anywhere else. With oil prices back above $45 it will keep the country stable. That said, both have stinky housing sectors, which probably won’t change any time soon as the advocates for urbanization and anti-sprawl make headway, screaming for “European-style metros” and “down with the car culture”. That means the suburbs are going to continue to be see a decline, which is where most of the houses are. I’d buy a 12 unit apartment in the city centre about now…
The stock markets are great leading indicators as they have self-fulfilling properties. Both the TSE and Dow are up 25% in the last 6 weeks or so.
By the way, I’ve heard the next bubble will be the Green Energy bubble. All aboard!
How are some of the Scandinavian economies weathering the storm? Any other countries we have connections to?
