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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