Today hasn’t been a big day for news but I just wanted to give a quick rundown of a couple important economic data that were recently released.
USD: The U.S. unemployment rate rose to a record 8.1%, the highest in 26 years. There are now 12.6 million jobless Americans, as 651,000 jobs were cut in February. It is expected that by the end of 2009, umemployment will be over 10%.
CAD: Canadian housing starts dropped 12% in February, its lowest level in 8 years. With the slumping economy, it is expected that the number will continue to decline as it has done so for the past 6 months.
As I’ve said in the past, it is imperative to stay on top of economic data because it helps us in our decision-making when it comes to which trades we will make. These data allows us to understand in which ways a country’s economy is prospering or failing. It is never wise to trade blindly–without know why certain things are happening in the market.
P.S. Don’t forget to read my post on Chart of the Day! :]