Tag: economy

Canada sheds 54,000 jobs in October The Canadian economy unexpectedly shed 54,000 jobs last month, all in full time positions, sending the country’s jobless rate up two notches to 7.3 per cent. The number of full-time workers tumbled by 71,700 in October, with many of the losses in manufacturing and construction, Statistics Canada said Friday. I’m not entirely sure why it’s unexpected. As I recall, much of the good news in last month’s jobs report was in the public sector and since we know governments at all levels are embracing the austerity doctrine, that wasn’t going to last. I’m sure Jim Flaherty will be along to remind us that as long as the quarterly GDP number doesn’t demonstrate negative growth, we’re technically not in a recession. But I would suggest his is a pretty narrow view of things. The European economies should provide all the evidence we need of the direction we’re headed if the powers that be cling to the idea that we can hack and slash our way out of this: higher unemployment and increasing misery. We’re still in a recession. If the indicators Flaherty is promoting don’t support that, consider the possibility that they’re the wrong indicators….