Canada loses 34,400 jobs in December
Canada is seeing its largest drop in employment since 2006, with 34,400 jobs lost in December alone.
The Bank of Canada has cut lending rates to encourage spending, but I'm not sure how many people will go out and buy cars and fridges if they don't have jobs.
Overall, the manufacturing sector gained jobs, though only 1/5 of what the construction sector lost.
Statistics Canada said Friday the country’s annual unemployment rate jumped to 6.6 per cent in December - the highest level since January 2006 - from 6.3 per cent the previous month.
The federal agency said a drop of 70,600 full-time positions was partially offset by a gain of 36,000 part-time jobs.
Mr. Porter at BMO took particular note of the construction sector losses. “After leading job growth for years, and rising to a record share of Canadian payrolls, this may be the first loud shot in a long decline in the building industry,” he said.