Wednesday, February 4, 2009

Mr. Harper: This is your 2009 wake-up call

Canada could lose 325,000 jobs this year: TD Bank

Last Updated: Wednesday, February 4, 2009 | 5:55 PM ET
CBC News

Canada could lose as many as 325,000 jobs this year, sending the national unemployment rate soaring to almost nine per cent, according to Toronto-Dominion Bank.

Canada already lost 84,000 jobs in the last two months of 2008 as the recession took hold.

The bank says the economy is now entering a more perilous period.

Because most of the economic shocks came from problems outside the country, Canada was sheltered for most of last year, it says.

Derek Burleton, TD's director of economic analysis, says the country is now being hit by a negative feedback loop that will spread to most sectors and regions.

"What happens is manufacturers and other export producers cut back production, then you get employment cuts, and we're just beginning to see that now, and that will weigh on consumer spending,” he said.

TD predicts the national jobless rate will rise to 8.8 per cent by the end of the year from the current level of 6.6 per cent .

Burleton believes Canada's economy won't recover until next year, largely as a result of President Barack Obama's $819-billion US stimulus package.


CuriosityCat said...

My guess is half a million jobless at a minimum.

Most people are still not understanding the impact of the meltdown, the spreading recession, and the over-heated economies which are now deflating as credit (and willingness to buy on credit) drops.

Look for a revised TD forecast in about two months, pushing that number up over 10%.

Dr Mike said...

Hey wait a minute here , didn`t Mark Carney says this turkey would be cooked by summer & we would be back in the chips.

After all this is the recession that was not to be according to Mr Harper.

Surpluses for the next 5 years according to Mr Flaherty.

Do you ever get the feeling that none of those 3 have a clue as to what the hell is actually going on.

Sure makes me feel confident with guys like that leading us.


Dr Mike Popovich.