Oh No

The OECD just released its Leading Indicators for May which seem to confirm that well, actually, there isn’t really a recovery and in fact,  things are rather bad all over.

NOTE – OECD Leading Indicators show activity 6 months in advance.

Which doesn’t really look like a recovery at all.   Here is the TSX for the last year

Which looked good up until March or April and then has turned down.  If we were in the midst of a recovery one would expect the stock market to post higher highs and higher lows in a stair step upward direction.

Seems the Americans are laying off MORE people  

Canada sails on inside our own little bubble – The Bank of Canada seems to think we are on the edge of a hiring boom.  Well good luck with that.