Canada Lost 70,600 Jobs, Most Since 82, on Factories |

Canada Lost 70,600 Jobs, Most Since 82, on Factories

By Greg Quinn

Dec. 5 (Bloomberg) — Canadian employment fell by the most since 1982
in November, led by manufacturing, a sign the world’s eighth-largest
economy is falling victim to a global recession.

Employers shed a net 70,600 workers, almost three times as many as
economists anticipated, after a gain of 9,500 in October. The
unemployment rate rose to a two-year high of 6.3 percent from 6.2
percent the month before.

The figures come a day after Prime Minister Stephen Harper suspended
Parliament to prevent being toppled by opposition parties who say he
hasn’t done enough to help an economy that may have already slipped
into recession. Bank of Canada Governor Mark Carney will probably cut
interest rates by half a point to 1.75 percent on Dec. 9, the lowest
in more than 50 years, according to economists surveyed by Bloomberg.

http://www.bloomberg.com/apps/news?pid=20601110&sid=a71.wrr.7jbE

Last 5 posts by MacroMan

Thiel: Still heading toward deflationary endgame - August 4th, 2010
Around the markets in 6 charts or less - May 6th, 2010
Quotable - May 5th, 2010
Quoteable - April 29th, 2010
Pimco Warns of Deflation Risk as Central Banks to Cool Stimulus - April 21st, 2010