Masthead graphic based on a painting by Gudrun Thriemer.

Friday, March 13, 2009

"Canada loses 82,600 jobs in February: Unemployment rate rises to 7.7 per cent," Financial Post, March 13, 2009.

[For the "Can't-Happen-Here" file. The economic collapse in the US dates from August 2007. -jlt]

OTTAWA — Canada lost 82,600 jobs in February — all full-time positions — pushing the unemployment rate to a six-year high of 7.7 per cent, Statistics Canada said Friday, as the country struggled under an economic downturn.

“This continues the downward trend in full-time employment observed since October,” the federal agency said. “Part-time employment has shown only a marginal increase over the same period.”

  Ontario saw employment drop by 35,000 in February, followed by 24,000 job losses in Alberta and 18,000 in Quebec.

Most economists had predicted an average of 55,000 fewer jobs last month and an unemployment rate of 7.4 per cent. In January, there were 129,000 positions lost, resulting in an unemployment rate of 7.2 per cent.

Douglas Porter, deputy chief economist at BMO Capital Markets, said the February employment report was “every bit as ugly as advertised.”

“Canada has now lost 295,000 jobs from the peak level reached just last October, equalling 1.7 per cent in four short months, or roughly half the 3.2 per cent job drop in the U.S. from its peak level,” he said.

Read the rest here =>
Recommend this Post

Sphere: Related Content