Posted: Monday, 14 December 2009
This is the third in a series of analytical reports from the Social and Economic Policy Department of the Canadian Labour Congress looking at the impacts of the global economic crisis on the jobs, wages, and economic security of working Canadians.
One Year In and Still Waiting for a Recovery
Canada’s “Great Recession” began in October 2008, the month in which the global economy fell off a cliff and the national unemployment rate began to rise rapidly from 6.3%. Even before the recession, of course, there had been major layoffs in manufacturing because of a high Canadian dollar and an already slowing U.S. economy.
The year from October 2008 to October 2009 saw a major deterioration in Canada’s job market. And the worst is not yet over. Most commentators expect that the job market will continue to worsen for a while, even if economic growth begins to recover. As of October 2009, the pace of job loss was slowing, but unemployment was still rising. Many commentators expect the national rate to go over 10% this winter.
Recession Watch Bulletin #3