Things have gotten bad in Canada's economy and in a hurry.
This morning, Statistics Canada says 129,000 jobs disappeared in January, the biggest single monthly loss ever.
Employment fell by 129,000 in January (-0.8%), almost all in full time, pushing the unemployment rate up 0.6 percentage points to 7.2%. This drop in employment exceeds any monthly decline during the previous economic downturns of the 1980s and 1990s.
Forecasters didn't see this coming. They were thinking it would be something in the range of 40,000 job losses or so. (Which is still a big month).
All of the job losses came in Ontario, B.C. and Quebec.
Manufacturing lost more than 100,000 jobs in January, an all–time record.
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“Gobsmackingly” ?!?
If it weren't too PC, I'd have thought it to be GODsmacked, or in the verb use, godsmackingly, but that wouldn't be very PC of me..*Winks*