The Coming Depression
Friday, February 6, 2009
129,000 jobs lost in January. Unemployment rate hits 7.2 per cent. Lets look at this in prospective. The population of the US is approx. 300 Million. Canada is around 30 MILLION. Therefore the job loss should be around 10% of the US. The US lost approx 600,000 jobs. CANADA should lose 60,000 jobs. They lost over 20% of the US’s job loss! Canada job loss seems to be MUCH WORSE!
OTTAWA ‚ÄĒ The Canadian economy lost a startling 129,000 jobs in January, almost all full-time positions and a record single-month total, Statistics Canada reported Friday.
This brings the cumulative total for the last three months to 213,000 and pushes the unemployment rate to 7.2 per cent from 6.6 per cent.
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“This is a bad report all across the range,” said Derek Holt, vice-president of economics at Scotia Capital. “The time to be an optimist falls by the wayside with a report like this.”
The single-month record loss was just over three times the consensus estimate of 40,000 among Bay Street economists. The economy lost 63,000 jobs and 20,000 jobs, respectively, in November and December.
This article was posted: Friday, February 6, 2009 at 1:46 pm