US job quality lacking; $40 oil prices insight, CIBC World Markets Economics report says
07 April 2004 - 1:35AM
PR Newswire (US)
US job quality lacking; $40 oil prices insight, CIBC World Markets
Economics report says TORONTO, April 6 /PRNewswire-FirstCall/ --
The latest CIBC World Markets' Monthly Indicators Report for April
2004 highlights a lack of quality in recent US jobs gains and a
bullish view on energy prices, with $40 per barrel oil prices. On
the US employment front, CIBC World Markets senior economists Avery
Shenfeld and Benjamin Tal report that "Not only are better quality
jobs being lost, but those without them are finding it harder to
get back to work." The result, the report says, is that US workers
are either turning to self-employment options or are settling for
whatever they can get in terms of paid employment. The report also
features an article on recent trends in world oil demand and
production and raises the very real specter of $40 oil prices in
the not-too distant future. CIBC World Markets' Chief Economist
Jeffrey Rubin and Senior Economist Peter Buchanan suggest:
"Depletionists, rather than pinning their hopes on future
cost-saving technological breakthroughs, see underlying resource
scarcity driving the global energy supply picture. If they're on
the mark - as appears increasingly likely - global conventional oil
production should be peaking at around the 65 million barrel daily
level, raising the specter of $40 oil." April's Monthly Indicator
Report also features articles on the economic impacts of upcoming
elections in both the US and Canada. A copy of CIBC World Markets'
Monthly Indicators Report is available at
http://www.cibcwm.com/research. CIBC World Markets is a full
service corporate and investment bank throughout North America,
with operations in Asia, Europe and Australia, and serving more
than 8,000 corporate, government and institutional clients. CIBC
World Markets' parent company is CIBC, one of North America's first
and largest financial institutions with offices in 18 countries,
including the world's major financial centers. A publicly traded
financial services company, CIBC has assets of US$210.1 billion and
a market capitalization of almost US$16.2 billion. DATASOURCE: CIBC
World Markets CONTACT: Avery Shenfeld, Senior Economist, CIBC World
Markets at (416) 594-7356 or ; or Rod Cumming, Senior Manager,
Marketing and Communications, CIBC World Markets at (416) 594-7774
or
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