Canadian Labour Markets Sheds Jobs at Record Pace
February 6, 2009
The Canadian economy lost 129k jobs during the month of January, the fastest pace ever recorded. Of particular concern was the fact that 114k of these roles were of full time status, indicating that the Canadian economy continues to suffer as a consequence of the broad global slowdown. Similar to its North American counterpart the manufacturing sector was the hardest hit accounting for almost 80% of the total number of jobs lost. Overall unemployment leapt up to a 5 year high at 7.2%. The Canadian dollar saw a muted reaction to the latest labour report as the market’s attention remained focused on the impending US bailout package.