Between October 2007 and October 2008 the U.S. economy shed roughly a million jobs while Canada's economy — inexplicably to most economists — added about 225,000 jobs. It seemed that every month when the new positive jobs numbers came out from StatsCan, economists would shake their heads and warn that this can't go on forever; that sooner or later unemployment in Canada would start to rise.
Well, that time has come. The November numbers are out and they're not good:
… employment fell by 71,000 in November, … The unemployment rate rose 0.1 percentage points to 6.3%.
In November, the employment declines were concentrated in Ontario (-66,000), where there was a large drop in full-time work. Nova Scotia (-4,400) also experienced a decline in November, …
The manufacturing sector was hard hit in November, with a net employment drop of 38,000. This brings manufacturing declines to 388,000 since the peak in 2002….
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